CFTC Staff Letters Archive
CFTC Staff Letters Archive provides Letters from 2007 and earlier. For Letters published 2008 or later visit the All Letters page.
There are no Advisory Letters or Other Written Communications for 2007 or earlier.
| Date | PDF and Description |
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95-76;  ; Rule 3 .12 (h) (1) (iii);; No-Action (Denied) - Exemption from AP registration is denied for officers of a CPO/CTA which is unable to verify that ten percent or less of its total revenue comes from commodity interest related activities as required by CFTC rules |
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| 95-61; ; CEAct Section 4(c), 7 U.S.C. 6(c)(1994); 17 C.F.R. 35.1 (b)(2)(1994) - Definition of "eligible swap participant";; No-Action The Division of Trading and Markets provided clarification of the definition of 17 C.F.R 35.1 (b)(2), "eligible swap participant," adopted as part of Part 35, "Exemption of Swap Agreements," as the term applies to natural persons and corporations, and also to domestic and foreign persons. |
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| 95-62 ; CEAct Section 4m (1) and Rule 4.31;; No-Action The Division of Trading and Markets provided information as to the disclosure document delivery requirements with respect to a registered CTA who was previously exempt from registration pursuant to an exemption under Section m(l) of the Act |
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| 95-75; ; Rule 4.31;; No-Action A CTA that is advising a fund need not provide the fund's CPO with a disclosure document under Rule 4.31 where, among other things, the president of the CPO is an AP of the CTA and has access to all relevant information that would otherwise be provided to the CPO in the CTA's disclosure document |
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| 95-60 ; CEAct 4p(b), Rule 3.34, Rule 3.12;; No-Action The Division of Trading and Markets granted relief from the Commission's four hour ethics training requirement for new registrants for two APs who had been registered prior to April 26, 1993. In this case, the APs became employed by a new firm and missed by seven days and five days, respectively, the sixty day transfer window afforded certain Commission registrants under Rule 3.12(d). In this case, the processing and finalization of the APs' forms 8-R were delayed due to a clerical error by the new firm. |
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| 95-59 ; Rule 1.33;; No-Action An FCM with affiliates that are members of non-domestic futures exchanges may calculate and report to customers an average price with respect to trades executed on those non-domestic exchanges where: the trades are cleared at the actual execution prices; the non-domestic exchange does not prohibit average pricing; the customer requests average pricing and appropriate disclosure is made to all affected customers; the average price calculation procedures are consistent with those approved by the Commission in connection with exchange rules establishing average pricing systems; and the underlying records reflecting actual execution prices, average price calculations, and allocations are maintained at the FCM and are available for review by the Commission and affected customers |
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| 95-64 ; CEAct Section 4m(1);; No-Action No enforcement action is recommended if a co-general partner fails to register as a CPO where the co-general partner and registered CPO makes all investment decisions for the funds; exercises discretion, supervision, and control over all offerings and solicitation; will solicit, accept, and receive the funds and property of the fund; and where the non-registered co-general partner has no direct or supervisory involvement in these activities |
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| 95-58; ; Rule 4.10(d);; No-Action A limited partnership, consisting solely of one individual general partner (registered as a floor trader) and one individual limited partner (registered as a floor broker), does not constitute a pool within the meaning of Rule 4.10(d), where the individuals have been business associates, and where the limited partner - an accredited investor with many years experience in the futures industry - placed at risk only his initial contribution and a share of his initial profits |
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| 95-52; ; Rule 4.22(a)(1);; No-Action Realized and unrealized gains and losses on regulated commodities transactions presented i the income statements or account statements of a commodity pool may be combined with realized or unrealized gains and losses, respectively, from the trading of non-CFTC-regulated instruments or contracts, provided that the gains and losses to be combined are part of a related trading strategy |
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| 95-51 ; CEAct 4d(1), Rule 1.3(mm);; No-Action An arrangement whereby an FCM offers a credit equal to 15 percent of its commission charges to its customers who are also customers of a particular information services company, and such credits are then used to pay for the information services, would bring the information services company within the definition of an introducing broker. However, because the information services company's activities also bring it within the definition of a CTA, and the purposes of the CEAct would not require it to register as both an IB and a CTA, the arrangement is permissible if the information services company registers as a CTA |