No action relief to an entity and its affiliates for their failure to register as CPOs of pools holding volume production payment instruments, which issue debt or debt-like instruments, and which use swaps to hedge commodity market risk and interest rate exposure.

The Division of Swap Dealer and Intermediary Oversight issued a letter providing additional guidance to securitization vehicles regarding whether they may be excluded from the definition of commodity pool. The Division also stated that it will not recommend that the Commission take enforcement action against the commodity pool operators of securitization vehicles that have not and will not issue new securities on or after October 12, 2012.

The Division of Swap Dealer and Intermediary Oversight issued an interpretative letter excluding certain securitization vehicles from the definition of commodity pool, subject to certain conditions.

Request for Interpretation of the Definition of “Commodity Pool” under Section 1a(10) of the Commodity Exchange Act.