Relief for Certain Swap Dealers, De Minimis Dealers, Agent Affiliates, and Associated Persons from Registration as an Introducing Broker under Section 4d or a Commodity Trading Advisor under Section 4m of the Commodity Exchange Act, and Interpretation that Certain Employees of De Minimis Dealers are not an Introducing Broker as defined in Section 1a(31) of the Commodity Exchange Act.
Extension of Temporary Registration Relief under CFTC Staff Letter No. 12-15 for Certain Associated Persons.
No-Action Relief for Singapore Exchange Derivatives Clearing Limited with Regard to Section 5b(a) and Section 4d(f) of the Commodity Exchange Act.
The Division will not recommend that the Commission take an enforcement action against FCMs or IBs for failure to be fully compliant with Regulations 1.71(a)-(c), (e) and (f) until 60 days beyond the current June 4, 2012 compliance date of the Regulation (August 3, 2012).
Division of Clearing and Risk staff issued a no action preserving the regulatory status quo with respect to swaps cleared by a DCO (and related) collateral which expires on the compliance date for Part 22 regulations, November 8, 2012.
The Division of Clearing and Intermediary Oversight issued an IB registration no-action position to a United States bank whose foreign branches wish to refer foreign customers to an affiliated registered FCM. This position was based in part on the branches being located outside the United States and the FCM accepting liability for the foreign branches.
DCIO responded to a request for guidance from the Joint Audit Committee (JAC) as to investments of customer funds by futures commission merchants (FCMs) in corporate debt securities guaranteed by the Federal Deposit Insurance Corporation (FDIC) under its Temporary Liquidity Guarantee Program (TLGP).
DCIO received a request for guidance from the Joint Audit Committee concerning FCM regulatory reporting requirements for investments in a money market mutual fund. The fund had announced that its net asset value per share had fallen from $1.00 and that, as permitted by order of the SEC dated September 22, 2008, the fund had suspended redemptions and postponed payments.
The Division of Clearing and Intermediary Oversight issued an interpretation that when an IB does no more than introduce a non-clearing FCM to a clearing FCM, and the non-clearing FCM then establishes an omnibus account with the clearing FCM, the requirement of Regulation 1.57(a)(1) that an IB open and carry each customer’s account with a carrying FCM on a fully-disclosed basis is not triggered, where: (1) the IB does not transmit trading orders fore the omnibus account to the clearing FCM; and (2) the IB does not accept funds from the customers whose accounts are maintained in the omnibus
