CFTC Staff Letters

CFTC Staff Letters provides Letters from 2008 and later. For Letters published before 2008 visit the Letters Archive page.

PDF Description
PDF Image 13-54 Letter Type: No-Action
Division: DMO
Regulation Parts: 40.2
Tags:
Issuance Date:
Description:

DMO will not recommend that the Commission take enforcement action against Nodal if it lists futures contracts for trading by certification pursuant to Commission Regulation 40.2 on the date on which it commences operating as a designated contract market (DCM) and makes those contracts available for trading on such date without waiting one business day, as otherwise required by Regulation 40.2(a)(2).


PDF Image 13-53 Letter Type: No-Action
Division: DMO
Regulation Parts: 5b(a)
Tags: DCO, Registration
Issuance Date:
Description:

No-Action Relief for LCH.Clearnet Ltd with Regard to Clearing Futures and Options on Futures Executed on Nodal Exchange.


PDF Image 13-52 Letter Type: No-Action
Division: DCR
Regulation Parts: 5b(a)
Tags: DCO, Registration
Issuance Date:
Description:

The Division of Clearing and Risk (DCR) issued a letter stating that it will not recommend that the Commission take enforcement action against LCH.Clearnet Ltd (LCH) for clearing certain swaps (DCM/SEF Swaps) executed on, or subject to the rules of, designated contract markets or swap execution facilities, and will not recommend enforcement action against LCH’s clearing members for clearing DCM/SEF Swaps through LCH. This relief will be effective until the earlier of (1) March 31, 2014, or (2) the date upon which the Commission approves or denies LCH’s application for an amended DCO registration order to permit it to clear DCM/SEF Swaps.


PDF Image 13-51 Letter Type: No-Action
Division: DSIO
Regulation Parts: 4.22, 4.27
Tags: Large Pool, Pool Participant, Reporting
Issuance Date:
Description:

Division of Swap Dealer and Intermediary Oversight issued a no-action letter stating that it will not recommend that the Commission take enforcement action against commodity pool operators of registered funds for failure to provide a separate report for their controlled foreign corporations to the National Futures Association pursuant to Commission regulation 4.27(c) and a separate annual report for their controlled foreign corporations to the National Futures Association pursuant to Commission regulation 4.22(c); provided that such commodity pool operators consolidate the reporting for the controlled foreign corporations under Commission regulations 4.27(c) and 4.22(c) with those of the registered fund.


PDF Image 13-50 Letter Type: No-Action
Division: DSIO
Regulation Parts: 23.502
Tags: Portfolio
Issuance Date:
Description:

The Division of Swap Dealer and Intermediary Oversight (DSIO) issued a no-action letter stating that the Division will not recommend that the Commission take an enforcement action against an SD or MSP for failure to comply, prior to September 15, 2013, with Regulation 23.502, provided that the SD or MSP intends to rely upon – and be compliant with – the EMIR portfolio reconciliation rules, beginning on September 15, 2013, and otherwise satisfies the conditions set forth in CFTC Letter No. 13-45 Corrected.


PDF Image 13-49 Letter Type: No-Action
Division: DCR
Regulation Parts: 2(h)(1)(A)
Tags: Clearing Requirement
Issuance Date:
Description:

Time-Limited No-Action Relief from the Clearing Requirement for Swaps Entered into by Cooperatives.


PDF Image 13-48 Letter Type: No-Action
Division: DMO
Regulation Parts: 43.6
Tags: Block Trades, Swaps
Issuance Date:
Description:

Letter 13-48 grants relief from grants relief from the aggregation prohibition in § 43.6(h)(6) for certain commodity trading advisors (“CTAs”) and investment advisors (“IAs”) with respect to large notional off-facility swaps. The no-action letter provides that until October 1, 2013 at 11:59 pm EST, the Division will not recommend that the Commission take enforcement action against CTAs and IAs that aggregate orders for the purpose of executing large notional off-facility swaps, provided they meet specified conditions. The letter also grants relief from the aggregation prohibition in § 43.6(h)(6), for CTAs and IAs, subject to similar conditions as laid out in §43.6(h)(6), aggregating orders for swaps that are not listed on a swap execution facility (“SEF”) or a designated contract market (“DCM”). This letter has been amended from the original version that was issued on July 30, 2013.


PDF Image 13-47 Letter Type: No-Action
Division: DCR
Regulation Parts: 2(h)(1)(A)
Tags: Clearing Requirement
Issuance Date:
Description:

Extension of Time-Limited No-Action Relief from the Clearing Requirement for Swaps Entered into by Cooperatives.


PDF Image 13-46 Letter Type: No-Action
Division: DMO
Regulation Parts: 48
Tags: Foreign, Registration
Issuance Date:
Description:

Amendment to the Direct Access No-Action Letters Issued to Foreign Boards of Trade to Permit Swaps to be Listed for Trading by Direct Access.


PDF Image 13-45 Letter Type: No-Action
Division: DSIO
Regulation Parts: 23 Subpart I, 23.502
Tags: Portfolio
Issuance Date:
Description:

No-Action Relief for Registered Swap Dealers and Major Swap Participants from Certain Requirements under Subpart I of Part 23 of Commission Regulations in Connection with Uncleared Swaps Subject to Risk Mitigation Techniques under EMIR.