Subject to specific conditions, the Division of Swap Dealer and Intermediary Oversight granted the operators of issuers of insurance-linked securities no-action relief, such that an operator may be exempt from registration as a commodity pool operator pursuant to Regulation 4.13(a)(3) with respect to insurance-linked securities transactions in which an issuer engages.

DSIO granted exemptive relief to the operators of funds to provide monthly account statements to participants within 45 days of the month end rather than provide quarterly account statements within 30 days of the quarter end.

The Division of Market Oversight is extending the relief provided in CFTC Letter No. 14-26 for one year, until December 31, 2015. The letter provides no-action relief from the trade execution requirement of Commodity Exchange Act section 2(h)(8) to eligible affiliate counterparties, as defined in section 50.52(a) of the Commission’s regulations.

No-action letter again extending the time-limitation contained in an alternative compliance framework available to certain affiliated counterparties pursuant to Commission regulation 50.52(b)(4)(ii)-(iii).

The Division provided exemptive relief from certain provisions of Regulations 4.7(b) and 4.13(a)(3) that, among other things, restrict marketing to the public. This letter harmonizes these Commission regulations with Rule 506(c) of Regulation D and Rule 144A, which, as amended by the Securities and Exchange Commission pursuant to the Jumpstart Our Business Startups Act of 2012, permit general solicitation or general advertising, subject to specific conditions.

No-action letter permitting, subject to certain conditions, commodity pool operators of certain commodity pools that are non-registered investment companies (“Parent Pools”) that use wholly-owned trading subsidiaries to trade in commodity interests (“Trading Subsidiaries”) to consolidate the annual reports required to be submitted to the National Futures Association (“NFA”) pursuant to Commission regulation 4.7(b) or 4.22(c), as applicable, and the CPO-PQR reports required to be submitted to NFA pursuant to Commission regulation 4.27(c) for the Trading Subsidiaries with those of their Paren

Subject to specific conditions, the Division of Swap Dealer and Intermediary Oversight granted the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association no-action relief, such that either entity may be exempt from registration as a commodity pool operator pursuant to Regulation 4.13(a)(3) with respect to its operation of a mortgage credit risk sharing initiative described therein.

Temporary Registration Relief for Commodity Pool Operators and Commodity Trading Advisors that Must Register as a Result of Amended CFTC Regulation 4.5 and Rescinded CFTC Regulation 4.13(a)(4).

No-Action Relief related failure to register with the Commission as a CPO against a CPO that is a Family Office within the meaning and intent of 17 CFR § 275.202(a)(11)(G)-1, as amended.

The Division of Market Oversight issued an interpretation addressing whether, under Part 151 of the Commission’s regulations, an electric company may treat as bona fide hedging transactions certain derivative transactions that reduce the price risk associated with its unfilled anticipated requirements for natural gas, even though it has entered into some long-term, firm purchases of natural gas at an unfixed price.