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 12-30 Letter Type: No-Action
Division: DCR
Regulation Parts: 22
Tags: Cleared Swaps, Swaps
Issuance Date:
Description:

Staff No-Action Relief: Temporary Delay of Compliance Date for Part 22 Rules Due to Effects of Hurricane Sandy.


PDF Image 12-29 Letter Type: No-Action
Division: DSIO
Regulation Parts: 23 Subpart F
Tags: MSP, Recordkeeping, Reporting, SD, Swap Dealer
Issuance Date:
Description:

Request for No-Action Relief for Swap Dealers and Major Swap Participants from Compliance with Certain Internal Business Conduct Requirements Found in Subpart F to Part 23 of the CFTC’s Regulations


PDF Image 12-28 Letter Type: Interpretative
Division: DCR
Regulation Parts: 22.2
Tags: Cleared Swaps, Collateral, FCM
Issuance Date:
Description:

Division of Clearing and Risk staff issued an interpretation providing clarification that while regulation 22.2(d) prohibits an FCM from permitting a lien on Cleared Swaps Customer Collateral that it holds, regulation 22.2(d) does not prohibit a Cleared Swaps Customer from granting a lien on his or her own account at the FCM, nor does the regulation prohibit the FCM from taking action to foster the Cleared Swaps Customer’s grant of such a lien.


PDF Image 12-27 Letter Type: Interpretative
Division: DSIO
Regulation Parts: 4.10(d)(1)
Tags: CPO, CTA
Issuance Date:
Description:

The Division of Swap Dealer and Intermediary Oversight issued an interpretation that a limited liability company whose members were all family members was not a commodity pool within the meaning and intent of Regulation 4.10(d)(1) and, consequently, that the managing member was not a CPO thereof.


PDF Image 12-26 Letter Type: No-Action
Division: DSIO
Regulation Parts: 1.71
Tags: FCM, IB
Issuance Date:
Description:

The Division will not recommend that the Commission take an enforcement action against FCMs or IBs for failure to be fully compliant with Regulations 1.71(a)-(c), (e) and (f) until 60 days beyond the current June 4, 2012 compliance date of the Regulation (August 3, 2012).


PDF Image 12-25 Letter Type: No-Action
Division: DSIO
Regulation Parts: 4m(1)
Tags: CPO, CTA, Interstate
Issuance Date:
Description:

The Division of Swap Dealer and Intermediary Oversight provided no-action relief to the general partner of a commodity pool from registering as a CPO under Section 4m(1) of the Commodity Exchange Act, and allowed an affiliated, registered CPO (“designee”) to serve as the CPO of the pool instead, where, among other things: (1) the general partner and the designee are under common ownership and control; (2) the general partner has delegated all of its management authority to the designee; (3) the general partner does not engage in the solicitation of investors for the pool and does not manage property of the pool; and (4) the general partner and designee executed and submitted to the Division a written acknowledgement of joint and several liability for any violation by either of them of the Act or the Commission’s regulations.


PDF Image 12-24 Letter Type: No-Action
Division: DSIO
Regulation Parts: 4m(1)
Tags: CPO, CTA, Interstate
Issuance Date:
Description:

The Division of Swap Dealer and Intermediary Oversight provided no-action relief to the general partner of a commodity pool from registering as a CPO under Section 4m(1) of the Commodity Exchange Act, and allowed an affiliated CPO (“designee”) to serve as the CPO of the pool instead, where, among other things: (1) the general partner and the designee are under common ownership and control; (2) the general partner has delegated all of its investment management authority to the designee; and (3) the general partner does not engage in the solicitation of investors for the pool and does not manage property of the pool. The relief was subject to the conditions that, among other things: (1) the designee becomes and remains registered as a CPO; and (2) the general partner and the designee execute an agreement by which they each undertake to be jointly and severally liabile for any violation by either of them of the Act or the Commission’s regulations in connection with the operation of the pool.


PDF Image 12-23 Letter Type: No-Action
Division: DSIO
Regulation Parts: 4m(1)
Tags: CPO, CTA, Interstate
Issuance Date:
Description:

The Division of Swap Dealer and Intermediary Oversight provided no-action relief to the general partner of a commodity pool from registering as a CPO under Section 4m(1) of the Commodity Exchange Act, and allowed an affiliated CPO (“designee”) to serve as the CPO of the pool instead, where, among other things: (1) the general partner and the designee are under common ownership and control; (2) the general partner has delegated all of its management authority to the designee; (3) the general partner does not engage in the solicitation of investors for the pool and does not manage property of the pool; and (4) the general partner and designee executed and submitted to the Division a written acknowledgement of joint and several liability for any violation by either of them of the Act or the Commission’s regulations.


PDF Image 12-22 Letter Type: No-Action
Division: DSIO
Regulation Parts: 1.3(ggg)(4), 1.3(hhh)
Tags: De Minimis, Exception, MSP, Swap Dealer
Issuance Date:
Description:

Time-Limited No-Action Relief: Swaps Only With Certain Persons to be Included in Calculation of Aggregate Gross Notional Amount for Purposes of Swap Dealer De Minimis Exception and Calculation of Whether a Person is a Major Swap Participant.


PDF Image 12-21 Letter Type: No-Action
Division: DSIO
Regulation Parts: 1.3(ggg)(4), 1.3(hhh)
Tags: De Minimis, Exception, MSP, Swap Dealer
Issuance Date:
Description:

Time Limited No-action Relief: Foreign Exchange Swaps and Foreign Exchange Forwards Not to be Considered in Calculating Aggregate Gross Notional Amount for Purposes of Swap Dealer De Minimis Exception or in Calculating Substantial Position in Swaps or Substantial Counterparty Exposure for Purposes of the Major Swap Participant Definition. Time-Limited No-action Relief for persons that meet the definitions of Commodity Pool Operators and Commodity Trading Advisors Solely as a Result of their Foreign Exchange Swap and Foreign Exchange Forward Activities.