December 7, 2012

CFTC’s Division of Swap Dealer and Intermediary Oversight Issues Interpretative Guidance and No-Action Letter for Operators of Securitization Vehicles

Washington, DC – The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued a letter providing additional guidance to securitization vehicles regarding whether they may be excluded from the definition of commodity pool. The letter also stated that the Division will not recommend that the Commission take enforcement action against the operators of certain securitization vehicles that have not and will not issue new securities on or after October 12, 2012 for failure to register as a commodity pool operator, provided certain criteria are satisfied. Finally, the letter stated that, for securitization vehicles that cannot claim relief either under this letter or CFTC Letter No. 12-14, which was issued by the Division on October 11, 2012, the Division will not recommend enforcement action against operators of securitization vehicles for failure to register as a commodity pool operator until March 31, 2013.

Last Updated: December 7, 2012