CFTC Staff Letters

Revision of CFTC Staff Letter No. 13-70, regarding certain duties imposed on swap dealers (SDs) and major swap participants (MSPs) pursuant to the Commission’s Business Conduct Standards with Counterparties, as well as certain documentation requirements imposed on SDs and MSPs pursuant to Commission regulation § 23.504 for Intended-To-Be-Cleared Swaps.

No-action letter regarding investments of customer funds by futures commission merchants and derivatives clearning organizations in securities benchmarked to the Secured Overnight Financing Rate.

DCR is extending temporary no-action relief for registered derivatives clearing organizations (DCOs) from the daily reporting requirements in CFTC Regulation 39.19(c)(1)(i)(B) and (C) as amended in 2020, so long as that DCO continues to comply with the prior version of Regulation 39.19(c)(1)(B) and (C). This letter shall expire on the earlier of: one year from the date of issuance, or the date on which the Commission finalizes the proposed rule addressing this matter.

Supplemental Staff Letter to CFTC Letter15-29 and CFTC Letter 16-72 with respect to swaps trading on certain financial markets that are licensed in Australia and overseen by the Australian Securities & Investments Commission (ASIC).

Extension of no-action position with respect to Part 45 for entities submitting swaps for clearing by derivatives clearing organizations (DCOs) operating consistent with CFTC exemptive orders or no-action positions provided by CFTC staff.

Advisory to non-U.S. swap dealers and non-U.S. major swap participants relying on substituted compliance under the terms of an applicable CFTC entity-level comparability determination with respect to the filing of an annual chief compliance officer report required pursuant to Commission regulation 3.3(f).

Extension of no-action relief letter 21-24 that was issued to ensure the continued availability, following Brexit of no-action positions under certain existing CFTC comparability determinations and exemption orders originally issued by the CFTC for EU entities, while CFTC staff undertakes an analysis of UK law in order to make appropriate recommendations of comparability or exemption to the CFTC.

The Division is extending its no-action positions for those package transactions where at least one individual swap component is made available to trade (“MAT”) and therefore subject to the CEA section 2(h)(8) trade execution requirement, and all other components are contracts for the purchase or sale of a commodity for future delivery, i.e., futures contracts (“MAT/Futures Package Transactions”).

Extension of Time-Limited No-Action Relief from Certain Requirements of Part 45 and Part 46 of the Commission’s Regulations, for Certain Swap Dealers and Major Swap Participants Established under the Laws of Australia, Canada, the European Union, Japan, Switzerland or the United Kingdom.

DMO will not recommend that the Commission take enforcement action against KRX with respect to the offer or sale of contracts based on the KOSPI 200 Index to persons located within the United States while the Commission’s review of KRX’s forthcoming request for certification of contracts based on the KOSPI 200 Index pursuant to Commission Regulation 30.13 is pending.