CFTC Staff Letters

This letter replaces letter 14-69. CEA Section 4m(1) – Self-Executing Registration No-Action Relief for Delegating CPOs when Certain Requirements are Satisfied

The Division of Swap Dealer and Intermediary Oversight granted the exemptive relief provided in CFTC Staff Letter 14-49 for additional commodity pools of that commodity pool operator that satisfied the conditions of that letter.

No-action relief for LCH.Clearnet Limited with regard to Regulations 1.20(g)(4) and 22.5, and an exemption from the requirements of Regulation 1.49(d)(3) for customer accounts held at the Bank of England.

No-action relief for ICE Clear Europe Limited with regard to Regulation 1.20(g)(4), and an exemption from the requirements of Regulation 1.49(d)(3) for customer accounts held at the Bank of England.

The Division of Market Oversight and the Division of Clearing and Risk issued a letter stating that they will not recommend that the Commission take enforcement action against Singapore Exchange Derivatives Clearing Limited for failure to comply with the applicable swap data reporting requirements of part 45 Commission Regulations

SEFs and DCMs will have time-limited no-action relief from Commission Regulation 37.9(a)(2) regarding methods of execution for required transactions, or Commission Regulations 37.203(a) and 38.152 that prohibit pre-arranged trading, if a SEF or DCM permits a new trade, with terms and conditions that match the terms and conditions of the original trade, other than the time of execution, to be submitted for clearing. This no-action relief shall commence on the date of issuance of this letter and shall expire on February 16, 2015.

No-action relief from compliance with certain terms of required Regulation 30.7(c).

The CFTC’s Division of Market Oversight issued an extension of no-action letter 13-86, which provided relief in connection with certain CDS trades executed pursuant to a DCO’s CDS Settlement Price Process, providing time-limited no-action relief to DCOs and their Clearing Members from the SEF Registration Requirement and Trading Mandate under Part 37, and from various reporting requirements under Part 45, allowing the DCO to fulfill the Reporting Counterparty’s Obligations.

DMO is providing time-limited relief, subject to specified conditions, to SEFs from the “occurs away” requirement under § 43.2 until December 15, 2015, at 12:00 am EST. The relief will allow SEFs to facilitate the execution of block trades on their non-Order Book trading systems or platforms while they evaluate and address the technology and other pre-execution credit check issues associated with block trading that occurs “away from” the SEFs’ trading system or platform.

Conditional no-action relief with respect to swaps trading on certain financial markets that are licensed in Australia and overseen by the Australian Securities & Investments Commission (ASIC)