CFTC Staff Letters

The CPO of three commodity pools all operating pursuant to an exemption under Regulation 4.7 requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3) to permit it to file an Annual Report for the pools for the period from their inception of trading on November 1, 2013 to December 31, 2014. The CPO submitted waivers from all of the pools participants evidencing their consent to the relief requested. DSIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a) conditioned upon the future filing and distribution of a certified Annual Report for the period from November 1, 2013 through December 31, 2014, in compliance with Regulation 4.7(b)(3).

North American Derivatives Exchange, Inc. (Nadex) requested interpretative guidance concerning certain provisions of the Commission’s Part 39 regulations applicable to derivatives clearing organizations due to the unique nature of Nadex’s business model.

North American Derivatives Exchange, Inc. (Nadex) requested exemptive relief from certain provisions of the Commission’s Part 39 regulations applicable to derivatives clearing organizations due to the unique nature of Nadex’s business model.

No-action relief regarding the limitation on the holding of customer funds outside the U.S. under Regulation 30.7.

No-action relief from compliance with certain conditions associated with the receipt of customer funds by FCMs.

Extension of No-Action Relief: Transaction-Level Requirements for Non-U.S. Swap Dealers

No action relief to an entity and its affiliates for their failure to register as CPOs of pools holding volume production payment instruments, which issue debt or debt-like instruments, and which use swaps to hedge commodity market risk and interest rate exposure.

To give the Commission sufficient time to review the Chicago Mercantile Exchange, Inc.’s proposed rule changes to comply with Regulation 39.33(c), which were filed on December 19, 2013, the staff of the Division of Clearing and Risk issued a letter to Chicago Mercantile Exchange, Inc. for time limited no-action relief for failing to comply with such regulation.

The CFTC’s Division of Market Oversight has issued a no-action letter 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.

Time-Limited No-Action Relief for Certain Swap Dealers from Compliance with the Requirements of Commission Regulation 3.3 Relating to Annual Reports by Chief Compliance Officers