Currently Effective Staff Letters

 November 7, 2017; The Division of Clearing and Risk (DCR) will not recommend that the Commission take enforcement action against North American Development Bank (NADB) for failure to comply with the clearing requirement of Section 2(h)(1) of the Commodity Exchange Act as implemented by Commission Regulations 50.2 and 50.4.
Section 2(h)(1) of the Commodity Exchange Act and CFTC Regulations 50.2 and 50.4; No-Action
17-59

The Division of Clearing and Risk (DCR) will not recommend that the Commission take enforcement action against European Stability Mechanism (ESM) for failure to comply with the clearing requirement of Section 2(h)(1) of the Commodity Exchange Act as implemented by Commission Regulations 50.2 and 50.4.
Section 2(h)(1) of the Commodity Exchange Act and CFTC Regulations 50.2 and 50.4; No-Action
17-58

The Division of Clearing and Risk will not recommend that the Commission take enforcement action against Banco Centroamericano de Integración Económica (CABEI) for failure to comply with the clearing requirement of Section 2(h)(1) of the Commodity Exchange Act as implemented by Commission Regulations 50.2 and 50.4.
Section 2(h)(1) of the Commodity Exchange Act and CFTC Regulations 50.2 and 50.4; No-Action
17-57

DMO is issuing a no-action letter which provides that, subject to certain conditions the Division will not recommend enforcement action against a swap execution facility which does not capture post-execution allocation information in its audit trail or conduct audit trail reviews of post-execution allocations.
Commission regulations 37.205(a) and (b)(2); No-Action
17-54

Conditional time-limited no-action relief from filing certain Ownership and Control Reports (OCR) required by Parts 17, 18 and 20 of the Commission’s Regulations.

Parts 17, 18 and 20 of the Commission’s Regulations; No-Action
17-45

The CFTC’s staff grants time-limited no-action relief from certain position aggregation requirements.

CEA Section 4a and CFTC Regulation § 150.4; No-Action
17-37

No-Action relief that extends the relief provided in Letter No. 16-58 by permitting SEFs and DCMs to address clerical or operational errors that cause a swap to be rejected from clearing.

Commission Regulations 37.9(a)(2), 37.203, 38.152, and 38.500; No-Action
17-27

No-Action relief regarding the application of Commission Regulation 75.14(a) to the provision of clearing services by an FCM to a covered fund.

Regulation 75.14; No-Action
17-18

The Division of Market Oversight is issuing a no-action letter that extends Letter No. 16-25 and provides relief from: (1) the requirement that a SEF obtain documents that are incorporated by reference in a confirmation issued under Commission Regulation 37.6(b) prior to issuing the confirmation; (2) the requirement that a SEF maintain such documents as records; and (3) the requirement that a SEF report terms contained in such documents that are confirmation data.

Commodity Exchange Act section 2(h)(8) and Commission Regulations 37.6(b), 37.1000, 37.1001, 45.2, and 45.3(a); No-Action
17-17

The CFTC’s Division of Market Oversight further extends time-limited, conditional masking no-action relief provided in CFTC Letters 16-03 and 16-33 permitting Part 45 and Part 46 reporting counterparties to mask legal entity identifiers, other enumerated identifiers and other identifying terms, and permitting Part 20 reporting entities to mask identifying information in certain enumerated jurisdictions, in each case subject to conditions.

Parts 20, 45 and 46 of the Commission’s regulations; No-Action
17-16

CFTC Staff issues no-action relief to swap dealers for the timing of the posting and collection of variation margin from certain counterparties operating in Japan.

Section 4s(e) of the Commodity Exchange Act; CFTC Regulations 23.153(a) and (b); No-Action
17-13

CFTC Staff issues No-Action relief for Minimum Transfer Amount with respect to Separately Managed Accounts.

Section 4s(e) of the Commodity Exchange Act; CFTC Regulations 23.152(b)(3) and 23.153(c); No-Action
17-12

CFTC Staff issues time-limited no-action relief from March 1, 2017 deadline for compliance with Regulations on Variation Margin for Uncleared Swaps.

Section 4s(e) of the Commodity Exchange Act; CFTC Regulaton; No-Action
17-11

Time-Limited No-Action Relief, until 12:01 a.m. eastern standard time on August 14, 2017, from compliance with the notice filing requirements of Commission Regulation 150.4(c), as effective February 14, 2017.

§ 150.4(c) Aggregation Exemption Notice Filing Requirement; No-Action
17-06

Time-Limited No-Action Relief, until 12:01 a.m. eastern standard time on August 14, 2017, from compliance with the notice filing requirements of Commission Regulation 150.4(c), as effective February 14, 2017.

§ 150.4(c) Aggregation Exemption Notice Filing Requirement; No-Action
17-06

DMO and DCR are extending the relief provided in CFTC Letter No. 15-24 and enabling SEFs and DCMs to address clerical and operational errors.

Commission Regulations 37.9(a)(2), 37.203, 38.152, and 38.500; No-Action
16-58

No-action relief for swap execution facilities (“SEFs”) from certain requirements under Commission Regulation 37.205 that require SEFs to capture post-trade allocation information in their audit trail data. 

CFTC Regulation 37.205; No-Action
15-68

Extension of relief provided in CFTC Staff Letter No. 14-147, which relieves CTAs from the requirement to record oral communications under Regulation 1.35(a) and relief for all those subject to 1.35(a) from the requirement to link records of oral and written communications that lead to the execution of a transaction with any particular transaction. 

Commission regulation 1.35; No Action
15-65

The Division of Market Oversight issues 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 or Switzerland. 
Part 45 and Part 46 of the Commission’s regulations; No Action 
15-61

The Division of Market Oversight extended time-limited no-action relief to Swap Execution Facilities (SEFs) from certain requirements in the definition of “Block trade” in Commission regulation § 43.2. 
43.2; No Action 
15-60

The Division previously provided no-action relief for certain swaps required to be traded on a swap execution facility (SEF) or designated contract market (DCM) to the extent that those swaps were part of a package transaction.  The Division has determined that further relief is appropriate to enable the Division to continue to further assess the appropriate response for applying the trade execution requirement to swaps in certain types of package transactions.   
CEA section 2(h)(8), CEA section 5(d)(9), and Commission Regulations §§37.9 and 37.3(a)(2); No-Action 
15-55

Extension of conditional time-limited no-action relief for Yieldbroker Pty Limited with regard to Section 5h(a)(1) of the Commodity Exchange Act and Commission Regulation 37.3(a)(1) until October 15, 2015.

CEA section 5h(a)(1); Commission Regulation 37.3(a)(1); No-Action  
15-30

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). 
CEA sections 2(h)(8) and 5h(a)(1); Commission Regulations 37.3(a)(1); parts 23, 43 and 45; No-Action   
15-29

The Division of Market Oversight is issuing Guidance to swap execution facilities regarding the calculation of projected operating costs or expenses for the purpose of meeting the financial resource requirements under SEF Core Principle 13 and Commission Regulation 37.1303 and clarifies that commissions paid employee-brokers, calculated as a percentage of transaction revenue, do not have to be included in the calculation.
Commodity Exchange Act section 2(h)(8) and regulations 37.6(b), 37.1000, 37.1001, 45.2, and 45.3(a); Other Written Communication
15-26

The Division of Market Oversight is issuing a no-action letter that extends No-Action Letter 14-108 and continues to provide relief from (1) the requirement that a SEF obtain documents that are incorporated by reference in confirmations issued under Commission Regulation 37.6(b) prior to issuing the confirmation, and (2) the requirement that a SEF maintain such documents as records. In addition, the division is providing relief from the requirement set forth in Commission Regulation 45.3(a) that SEFs report terms contained in the agreements that are confirmation data.
Commodity Exchange Act section 2(h)(8) and regulations 37.6(b), 37.1000, 37.1001, 45.2, and 45.3(a); No-Action
15-25

The Division of Market Oversight and the Division of Clearing and Risk are issuing a no-action letter that provides relief similar to that provided in No-Action Letters 13-66 and 14-50 by permitting swap execution facilities (SEFs) and designated contract markets (DCMs) to address clerical or operational errors that cause a swap to be rejected from clearing. The relief provided in this letter also permits SEFs and DCMS to address clerical or operational errors discovered after a swap has been cleared.
Commission Regulations 37.9(a)(2), 37.203, 38.152, and 38.500; No-Action
15-24

Request for No-Action Relief for Introducing Brokers’ Compliance with Certain Financial Reporting and Capital Computation Requirements under Regulations 1.10 and 1.17.
Regulations 1.10 and 1.17; No-Action
15-02

The Division of Swap Dealer and Intermediary Oversight and the Division of Market Oversight issued time-limited no-action relief with respect to some of the recordkeeping requirements under Regulation 1.35(a). The letter extends and expands the relief provided in CFTC Staff Letter No. 14-60 by relieving CTAs from the requirement to record oral communications under Regulation 1.35(a). The letter also provides relief for market participants from the requirement to link records of oral and written communications that lead to the execution of a transaction with any particular transaction.
Commission Regulation 1.35(a); No-Action
14-147

The Division of Swap Dealer and Intermediary Oversight granted exemptive relief from the financial statement requirements of Commission regulations 4.22 and the disclosure requirements of Commission regulation 4.24(s) to the commodity pool operator (the “CPO”) of an insurance-linked securitization vehicle (the “ILS Vehicle”) with respect to the ILS Vehicle; provided, that the CPO satisfies certain conditions for relief relating to the management of the ILS Vehicle, the disclosure of additional information concerning the ILS Vehicle, and the calculation of the net asset value of the ILS Vehicle.
CEA Section 2(h)(7)/CFTC Regulation 50.50; No-Action
14-144

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

Commission Regulations 23.202, 23.205, 23.400 to 23.451, 23.501, 23.502, 23.503, 23.504, 23.505, 23.506, 23.610, 23.701 to 23.704, and parts 37, 38, 43, and 50; No-Action

14-140

Extension of conditional time-limited no-action relief for Yieldbroker Pty Limited with regard to Section 5h(a)(1) of the Commodity Exchange Act and Commission Regulation 37.3(a)(1) until February 15, 2015.
CEA section 5h(a)(1); Commission Regulation 37.3(a)(1); No-Action
14-139

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.
Commission Regulations § 37.9(a)(2), § 37.203(a) and § 38.152; No-Action
14-121

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.
Parts 37 and 45 of the CFTC’s regulations; No-Action
14-119

Extension of no-action relief granted by DMO on June 26, 2013 to SD and MSP reporting counterparties for cleared swaps from valuation data reporting required in section 45.4(b)(2)(ii) of the Commission’s regulations.
Part 45.4; No-Action
14-90

Extension of no-action relief granted by DMO on June 26, 2013 to SD and MSP reporting counterparties for cleared swaps from valuation data reporting required in section 45.4(b)(2)(ii) of the Commission’s regulations.
Parts 20, 45 and 46; No-Action
14-89

Time-Limited No-Action Relief for Certain Members of Swap Execution Facilities and Designated Contract Markets from the Requirement to Record Oral Communications, Pursuant to Commission Regulation 1.35(a), in Connection with the Execution of Swap Transactions
Commission Regulation 1.35(a); No-Action
14-60

Time-Limited No-Action Relief from the Commodity Exchange Act Section 2(h)(8) for Swaps Executed Between Certain Affiliated Entities Not Electing Commission Regulation 50.52
Section 2(h)(8) of the Act; No-Action
14-26

Time-Limited No-Action Relief for Futures Commission Merchants, Swap Dealers, and Major Swap Participants from Compliance with the Timing Requirements of Commission Regulation 3.3(f)(2) Relating to Annual Reports by Chief Compliance Officers
Commission Regulation 3.3(f); No-Action
13-84

No-action relief for certain Introducing Brokers from filing certified and unaudited financial statements and calculating capital under regulation 1.17.
Commission Regulation 1.10 and 1.17; No-Action
13-82

Time-Limited No-Action Letter from Certain Entity-Level Internal Business Conduct Requirements for Certain Swap Dealers and Major Swap Participants Established under the Laws of Australia, Canada, the European Union, Japan, and Switzerland.
Commission Regulations 23.600(c)(2), 23.608, and 23.609; No-Action
13-78

The Division of Swap Dealer and Intermediary Oversight (DSIO) issued a no-action letter that provides relief for certain regulatory obligations of SDs and MSPs in the context of an “Intended-To-Be-Cleared Swap,” which, as defined in the letter, is a swap that is: (i) of a type accepted for clearing by a DCO, and (ii) intended to be submitted for clearing contemporaneously with execution. The relief extends to certain requirements under the External BCS and Commission Regulation 23.504, subject to the conditions and limitations set forth in the letter. This letter supersedes Letter No. 13-33, and states that no person may rely upon the relief provided in Letter No. 13-33 after November 15, 2013.
Commission Regulations 23.402, 23.430, 23.431, 23.432, 23.434, 23.440, 23.450, 23.451, and 23.504, No-Action 

13-70

No-Action Relief: Certain Swaps by Non-U.S. Persons that are Not Guaranteed or Conduit Affiliates of a U.S. Person Not to be Considered in Calculating Aggregate Gross Notional Amount for Purposes of Swap Dealer De Minimis Exception.
Commission Regulation 1.3(ggg); No-Action
13-64

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.
Sections 5 and 5a of the Act; No-Action
13-46

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. 

Part 23, Subpart I, of the Commission’s Regulations; No-Action
13-45

Time-Limited No-Action Relief Permitting Part 45 and Part 46 Reporting Counterparties to Mask Legal Entity Identifiers, Other Enumerated Identifiers and Other Identifying Terms and Permitting Part 20 Reporting Entities to Mask Identifying Information, with respect to certain Enumerated Jurisdictions.
Parts 20, 45 and 46; No-Action
13-41

The Division of Swap Dealer and Intermediary Oversight (DSIO) issued a no-action letter stating that it will not recommend an enforcement action against an SD or MSP that omits certain "Excluded Data Fields" from the portfolio reconciliation process required under Regulation 23.502.
Commission Regulation 23.502; No-Action
13-31

No-Action Relief: Alternative to Fingerprinting to Establish Fitness of Associated Persons Residing Outside the United States.
Commission Regulations 3.12; No-Action
13-29

No-Action Relief for Corporación Andina de Fomento from the Swap Clearing Requirement in Section 2(h)(1) of the Commodity Exchange Act and Commission Regulations 50.2 and 50.4.
Section 2(h)(1) of the Commodity Exchange Act and CFTC Regulations 50.2 and 50.4; No-Action
13-25

Relief for Swap Dealers and Major Swap Participants Regarding the Obligation to Provide Certain Disclosures for Certain Transactions Under Regulation 23.431.
Commission Regulation 23.431; No-Action
13-12

Time Limited Relief for Swap Dealers in Connection with Prime Brokerage Arrangements.

P art 23, Subpart H, of the Commission’s Regulations; No-Action
13-11

No-Action Relief for Swaps Between Affiliated Counterparties That Are Neither Swap Dealers Nor Major Swap Participants from Certain Swap Data Reporting Requirements Under Parts 45, 46, and Regulation 50.50(b) of the Commission’s Regulations.
Parts 45, 46, and 50; No-Action
13-09

Staff No-Action Relief from the Reporting Requirements of § 32.3(b)(1) of the Commission’s Regulations, and Certain Recordkeeping Requirements of § 32.3(b), for End Users Eligible for the Trade Option Exemption.
Regulation 32.2, 32.3; No-Action
13-08