February 18, 2016

CFTC’s Division of Market Oversight Provides Time-Limited No-Action Relief for End Users from the Form TO Filing Requirement

Washington, DC — The U.S. Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (DMO) today issued a no-action letter providing time-limited relief for end users from the Form TO filing requirement under CFTC regulations.

Under CFTC Regulation 32.3(b)(2), counterparties to trade options that are not required to be reported to a swap data repository (SDR) must submit a Form TO filing by March 1 following the end of any calendar year during which they entered into one or more unreported trade options.

While the CFTC is considering the finalization of the proposed Trade Options Rule, DMO will not recommend that the CFTC take enforcement action against a market participant that is neither a swap dealer nor a major swap participant (a Non-SD/MSP) for failing to report its otherwise unreported trade options entered into during 2015 on Form TO by April 1, 2016.

Last Updated: February 18, 2016