July 24, 2012

CFTC’s Division of Market Oversight Issues Temporary No-Action Relief from the Aggregation Requirements of the Commission’s Rule Regarding Position Limits for Futures and Swaps

No-Action Relief Provides Two Alternative Methods for Compliance

Washington, DC – The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (DMO) today announced the issuance of temporary no-action relief in order to facilitate the Commission’s commitment to coordinate the May 30, 2012, Notice of Proposed Rulemaking regarding aggregation (Aggregation Notice) with the implementation of position limits under Part 151 (Position Limits Rule). The no-action relief is expected to provide an orderly transition to the compliance dates for the Position Limits Rule.

The no-action relief provides two alternative methods for compliance: (1) as if the Position Limits Rule were amended to include the provisions proposed in the Aggregation Notice; and (2) in conformity with the disaggregation criteria specified in the no-action relief.

This temporary relief is intended to provide sufficient time to transition to fully compliant aggregation no later than 60 days after the Commission publishes a rule finalizing changes to the Commission’s aggregation policy, or the date the Commission issues an order declining to take further action on the Aggregation Notice, whichever occurs first.

The relief is time-limited to no later than December 31, 2012. Any person who intends to rely on this relief must provide prior notice to DMO in an e-mail to: [email protected]. The notice to DMO must include the names of any entities holding positions that the person is not aggregating.

Last Updated: July 24, 2012