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All Letters

Date
All Letters
01/03/2014
14-01 PDF Image; Commission Regulations 23.202, 23.205, 23.400 to 23.451, 23.501, 23.502, 23.503, 23.504, 23.505, 23.506, 23.610, and Parts 43 and 50 of the Commission’s Regulations; No-Action
Extension of No-Action Relief: Transaction-Level Requirements for Non-U.S. Swap Dealers
01/10/2014
14-02 PDF Image; Commission Regulations 1.20, 22.2, and 30.7; No-Action
No-action relief from compliance with certain conditions associated with the receipt of customer funds by FCMs.
01/10/2014
14-03 PDF Image; Commission Regulation 30.7; No-Action
No-action relief regarding the limitation on the holding of customer funds outside the U.S. under Regulation 30.7.
01/16/2014
14-04 PDF Image; Section 5b(c)(2) of the CEA and Part 39 of CFTC Regulations; Exemption
North American Derivatives Exchange, Inc. (Nadex) requested exemptive relief from certain provisions of the Commission’s Part 39 regulations applicable to derivatives clearing organizations due to the unique nature of Nadex’s business model.
01/16/2014
14-05 PDF Image; Section 5b(c)(2) of the CEA and Part 39 of CFTC Regulations; Interpretation
North American Derivatives Exchange, Inc. (Nadex) requested interpretative guidance concerning certain provisions of the Commission’s Part 39 regulations applicable to derivatives clearing organizations due to the unique nature of Nadex’s business model.
01/23/2014
14-06 PDF Image; Regulations 4.7(b)(3), 4.12(a), and 140.93; Exemption
The CPO of three commodity pools all operating pursuant to an exemption under Regulation 4.7 requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3) to permit it to file an Annual Report for the pools for the period from their inception of trading on November 1, 2013 to December 31, 2014. The CPO submitted waivers from all of the pools' participants evidencing their consent to the relief requested. DSIO granted relief pursuant to Commission Regulations 140.93 and 4.12(a) conditioned upon the future filing and distribution of a certified Annual Report for the period from November 1, 2013 through December 31, 2014, in compliance with Regulation 4.7(b)(3).
02/06/2014
14-07 PDF Image; Section 5b(a) of the CEA; No-Action
The Division of Clearing and Risk issued a letter stating that it will not recommend that the Commission take enforcement action against ASX Clear (Futures) Pty Limited for failure to register as a derivatives clearing organization pursuant to Section 5b(a) of the Commodity Exchange Act in connection with the clearing of certain interest rate swaps.
01/10/2014
14-08 PDF Image; Commission Regulation 30.7; No-Action
Time-limited no-action relief granted to a registered futures commission merchant regarding the maintenance of certain Rule 30.7 accounts.
01/31/2014
14-09 PDF Image; Regulations 4.7(b)(3), 4.22(d), 4.12(a), and 140.93; Exemption
The CPO of a commodity pool operating pursuant to an exemption under Regulation 4.7 requested exemptive relief from the requirement in Regulation 4.7(b)(3) and 4.22(d) that the financial statements in the pools' annual reports be audited. The CPO was not required to submit waivers because the pool's only participants are two partners of the CPO. DSIO granted relief pursuant to Commission regulations 140.93 and 4.12(a) conditioned upon the filing and distribution of an unaudited Annual Report that otherwise complies with Commission regulation 4.7(b)(3).
01/31/2014
14-10 PDF Image; Regulations 4.7(b)(3), 4.12(a), and 140.93; Exemption
The CPO of an offshore commodity pool requested relief from the requirement in Commission regulation 4.7 that the pool's financial statements be prepared in accordance with U.S. GAAP. The CPO requested permission to use Luxembourg GAAP in lieu thereof. The CPO represented that the preparation of the pool's financial statements would satisfy the requirements of Commission regulation 4.22(d)(2)(i) with respect to the use of Luxembourg GAAP. The Division granted relief to the CPO with respect to the distribution of annual financial statements prepared in accordance with Luxembourg GAAP in lieu of US GAAP
01/31/2014
14-11 PDF Image; Regulations 4.7(b)(3), 4.22(d), 4.12(a), and 140.93; Exemption
The CPO of two commodity pools all operating pursuant to an exemption under Regulation 4.7 requested exemptive relief from the requirement in Regulation 4.7(b)(3) and 4.22(d) that the financial statements in the pools' annual reports be audited. The CPO requested permission to file unaudited financial statements for the period from their inception of trading on October 1, 2013 to December 31, 2013. The CPO agreed to file an audited financial statement for the 15-month period from October 1, 2013 through December 31, 2014. The CPO submitted waivers from all of the pools' participants evidencing their consent to the relief requested. DSIO granted relief pursuant to Commission regulations 140.93 and 4.12(a) conditioned upon the future filing and distribution of a certified Annual Report for the period from October 1, 2013 through December 31, 2014, in compliance with Regulation 4.7(b)(3) and the filing and distribution of an unaudited Annual Report that otherwise complies with Commission regulation 4.7(b)(3)(i) for the period from October 1, 2013 to December 31, 2014.
02/10/2014
14-12 PDF Image; CEA §2(h)(8), CEA §5(d)(9) and Commission Regulation §37.9; No-Action
The Division is issuing a letter providing time-limited no-action relief to: (1) entities or counterparties transacting “package transactions” from the requirements of CEA section 2(h)(8); and (2) SEFs and DCMs, trading “package transactions” from the requirements of § 37.9 of the Commission’s regulations and CEA section 5(d)(9), respectively, until 11:59 p.m. (eastern time) May 15, 2014. This relief is intended to enable market participants to continue efforts towards complying with the trade execution requirement and to allow the Division to obtain additional information on package transactions, in part, from a public roundtable on February 12, 2014.
02/07/2014
14-13 PDF Image; Regulations 4.7(b)(3), 4.12(a), and 140.93; Exemption
The CPO of two commodity pools operating pursuant to an exemption under Regulation 4.7 requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3) to permit it to file an Annual Report for the pools for the period from their inception of trading, July 19, 2013, to December 31, 2014. The CPO submitted signed subscription documents from all seven participants, acknowledging the terms of the Pools’ offering memorandum, which included the CPO’s intent to file and distribute an 18-month Annual Report for the Pools’ first fiscal year. DSIO granted relief pursuant to Regulations 140.93 and 4.12(a) conditioned upon the future filing and distribution of a certified Annual Report for the period from July 19, 2013 to December 31, 2014, in compliance with Regulation 4.7(b)(3).
02/07/2014
14-14 PDF Image; Regulations 4.7(b)(3), 4.22(d); Exemption
The CPO of a commodity pool operating pursuant to an exemption under Regulation 4.7 requested exemptive relief from the requirement in Regulation 4.7(b)(3) and 4.22(d) that the financial statements in the pool’s annual report be audited. The CPO submitted waivers from all of the pools' participants evidencing their consent to the relief requested. DSIO granted relief pursuant to Commission regulations 140.93 and 4.12(a) conditioned upon the filing and distribution of an uncertified Annual Report for fiscal year 2013 that otherwise complies with the provisions of Regulation 4.7(b)(3).
02/12/2014
14-15 PDF Image; CEA sections 2(h)(8) and 5h(a)(1); Commission Regulation 37.3(a)(1); No-Action
Time-Limited No-Action Relief with respect to Swaps Trading on Certain Multilateral Trading Facilities Overseen by Competent Authorities Designated by European Union Member States
02/12/2014
14-16 PDF Image; CEA sections 2(h)(8) and 5h(a)(1); Commission Regulations 37.3(a)(1), parts 23, 43 and 45; No-Action
Conditional No-Action Relief with respect to Swaps Trading on Certain Multilateral Trading Facilities Overseen by Competent Authorities Designated by European Union Member States
02/18/2014
14-17 PDF Image; Part 45 of the Commission’s Regulations; Other Written Communication
The Division of Clearing and Risk issued a letter providing guidance to ASX Clear (Futures) Pty Limited (“ASXCLF”) regarding compliance with the condition to No-Action Letter 14-07, which requires ASXCLF to comply with the reporting obligations applicable to registered derivatives clearing organizations under the Commission's Part 45 regulations.
02/20/2014
14-18 PDF Image; Section 4(c)(6); No-Action
No-Action Relief with Respect to Certain Commodity Exchange Act Provisions That May Apply to Southwest Power Pool, Inc. and/or Its Participants
02/19/2014
14-19 PDF Image; 4.7(b)(3), 4.12(a), 4.22(d)(1), and 140.93; Exemption
The CPO of a commodity pool operated pursuant to an exemption under Regulation 4.7 requested exemptive relief from the requirement in Regulations 4.7(b)(3) and 4.22(d)(1) that the financial statements in the pool’s annual report be audited. At the end of the 2013 fiscal year, the pool had just one participant, who also is a controlling principal of the CPO and oversees the daily operations of both the CPO and the pool. DSIO granted relief from the audit requirement for the 2013 annual report pursuant to Regulations 4.12(a) and 140.93, conditioned upon the filing of an uncertified annual report for the 2013 fiscal year that otherwise complies with the provisions of Regulation 4.7(b)(3).
02/25/2014
14-20 PDF Image; Section 4(c)(6); Advisories; Other Written Communication
Staff from the Division of Market Oversight and the Division of Clearing and Risk issued an Advisory, which helps provide clarity to certain market participants regarding certain statements made in the Final Order in Response to a Petition from Certain Independent system Operators and Regional Transmission Organizations to Exempt Specified Transactions Authorized by a Tariff or Protocol Approved by the Federal Energy Regulatory Commission or the Public Utility Commission of Texas from Certain Provisions of the Commodity Exchange Act Pursuant to the Authority Provided in the Act.
02/26/2014
14-21 PDF Image; Part 160; Advisories
Best practices for complying with GLB Security Safeguards
02/24/2014
14-22 PDF Image; 4.7(b)(3), 4.12(a), 4.22(d)(1) and 140.93; Exemption
The CPO of a commodity pool operated pursuant to an exemption under Regulation 4.7 requested exemptive relief from that regulation’s annual report requirement, in order to permit the CPO to file an annual report for the pool for the period of January 1, 2013 through January 31, 2014. The CPO determined to wind up the Pool’s operations on January 23, 2014, and by January 31, the Pool had permanently ceased trading. On February 13, 2014, the CPO completed the winding up process and made final distributions to the pool’s 15 participants. The Division granted the exemptive relief pursuant to Commission Regulations 4.12(a) and 140.93, and conditioned such relief on the future filing of a certified annual report for the period of January 1, 2013 through January 31, 2014.
02/21/2014
14-23 PDF Image; Regulations 4.7(b)(3), 4.22(d); Exemption
The CPO of a commodity pool operating pursuant to an exemption under Regulation 4.7 requested exemptive relief from the requirement in Regulation 4.7(b)(3) and 4.22(d) that the financial statements in the pool’s annual report be audited. The CPO submitted waivers from all of the pools' participants evidencing their consent to the relief requested. DSIO granted relief pursuant to Commission regulations 140.93 and 4.12(a) conditioned upon the filing and distribution of an uncertified Annual Report for fiscal year 2013 that otherwise complies with the provisions of Regulation 4.7(b)(3).
02/27/2014
14-24 PDF Image; 4.7(b)(3), 4.22(c) and 4.22(d); Exemption
This letter provides relief for a CPO to combine a portion of a pool’s 2013 operations (the pool had a capitalization date in October 2013) with 2014 for the purposes of filing an audited Annual Report. As such, instead of requiring the CPO to incur the expense of preparing an audited Annual Report for the pool for the 3 month period ending December 31, 2013, the CPO would instead file an audited Annual Report for the period spanning October 1, 2013 through December 31, 2014.
03/06/2014
14-25 PDF Image; 50.52; No-Action
No-action letter 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).
03/06/2014
14-26 PDF Image; Commission Regulation 50.52 , CEA 2(h)(8); No-Action
No-action letter providing time-limited no-action relief from the requirements of the trade execution requirement in Commodity Exchange Act (CEA) section 2(h)(8) to Eligible Affiliate Counterparties, as defined in Commission regulation 50.52(a) of the Commission’s regulations, that engage in swap transactions with one another that involve a swap subject to the trade execution requirement.
03/10/2014
14-27 PDF Image; Commodity Exchange Act Sections 5b(a) and 2(h)(1)(A); No-Action
Extension of Time-Limited No-Action Relief to Eurex Clearing with Regard to Sections 5b(a) and 2(h)(1)(A) of the Commodity Exchange Act and Implementing Regulations Thereunder.
02/28/2014
14-28 PDF Image; CEA Section 4m(1); No-Action
The Division of Swap Dealer and Intermediary Oversight (Division) took a CPO registration no-action position with respect to the operation of certain collective trading vehicles by either of two corporations (A and B) entirely controlled by a non-profit corporation (C) that is the coordinating organization for a denomination’s churches. The collective trading vehicles would commingle assets of church plans (within the definition of Regulation 4.5) associated with the denomination’s churches, together with endowments and other assets of certain non- profit corporations entirely controlled by C. Although the collective trading vehicles would be pools, the Division believed that requiring CPO registration would serve no substantial regulatory purpose because persons who would be subject to background checks and proficiency examinations would already have been vetted and hired by A, B or C, and because any Disclosure Document would be delivered by A or B to the other or to C.
03/18/2014
14-29 PDF Image; 4m(1) – No-Action Position from CPO Registration; No-Action
The Division of Swap Dealer and Intermediary Oversight confirmed the availability of Staff Letter 00-10, which provided CPO registration relief to a university's cooperative extension service, its agents and employees, permitting them to offer courses that would allow certain students to trade commodity interests through participation in a trading club, notwithstanding certain amendments to the course and trading club criteria.
03/10/2014
14-30 PDF Image; Regulations 4.12(a), 4.22(c) and (d), and 140.93; Exemption
The CPO of a commodity pool requested relief from the Annual Report and certification requirements in Regulations 4.22(c) and (d), in order to permit it to file an Annual Report for the pool for the period from the date it began operations, December 1, 2013, to December 31, 2014. In support of its request, the CPO submitted waivers from all twelve of the pool’s participants evidencing their consent to the relief requested. DSIO granted relief pursuant to Regulations 4.12(a) and 140.93 conditioned upon the future filing and distribution to participants of a certified Annual Report for the period from December 1, 2013 to December 31, 2014, in compliance with Regulations 4.22(c) and (d).
03/21/2014
14-31 PDF Image; CEA sections 2(h)(8) and 5h(a)(1); Commission Regulation 37.3(a)(1); No-Action
Extension of Time-Limited No-Action Relief with respect to Swaps Trading on Certain Multilateral Trading Facilities Overseen by Competent Authorities Designated by European Union Member States
03/21/2014
14-32 PDF Image; Commission Regulation 3.3; No-Action
No-Action Relief from Compliance with Certain Requirements of Commission Regulation 3.3 Relating to the Chief Compliance Officer Annual Report (Mitsui & Co. Precious Metals, Inc.)
03/21/2014
14-33 PDF Image; Commission Regulation 1.35(a); No-Action
Time-Limited No-Action Relief for Certain Members of a Designated Contract Market from the Requirement to Record Oral Communications, Pursuant to Commission Regulation 1.35(a), in Connection with the Execution of Swap Transactions
03/21/2014
14-34 PDF Image; Commission Regulation 1.3(ggg); No-Action
Staff No-Action Relief: Revised Relief from the De Minimis Threshold for Certain Swaps with Utility Special Entities
02/21/2014
14-35 PDF Image; Regulations 4.21, 4.24, and 4.25; Exemption
The CPO of a commodity pool organized as a Delaware statutory trust requested relief to provide investors with disclosure documents for certain of the series of the trust separate from the disclosure document for the rest of the trust’s series due to compliance requirements pursuant to securities laws and regulations. The Division granted exemptive relief.
02/20/2014
14-36 PDF Image; Regulations 4.21, 4.24, and 4.25; Exemption
The CPO of a commodity pool organized as a Delaware statutory trust requested relief to provide investors with disclosure documents for certain of the series of the trust separate from the disclosure document for the rest of the trust’s series due to compliance requirements pursuant to securities laws and regulations. The Division granted exemptive relief.
03/18/2014
14-37 PDF Image; Regulations 4.7(b)(3), 4.12(a), 4.22(d), and 140.93; Exemption
The CPO of a commodity pool requested relief from the Annual Report and certification requirements in Regulations 4.7(b)(3) and 4.22(d), in order to permit it to file an Annual Report for the pool for the period from the date the pool began trading, July 12, 2013 to December 31, 2014. In support of its request, the CPO submitted waivers from the pool’s sole non-proprietary participant evidencing their consent to the relief requested. DSIO granted relief pursuant to Regulations 4.12(a) and 140.93 conditioned upon (1) the distribution of unaudited financial statements and tax information for the 2013 fiscal year to the non-proprietary participant, as the CPO proposed in its request, and (2) the future filing and distribution to the participant of a certified Annual Report for the period from July 8, 2013 (the date the pool received non-proprietary funds) to December 31, 2014, in compliance with Regulations 4.7(b)(3) and 4.22(d).
03/27/2014
14-38 PDF Image; Section 5b; No-Action
Extension of no-action relief granted by DCR on September 23, 2013, allowing LCH.Clearnet Ltd to clear swaps executed on designated contract markets and swap execution facilities.
03/27/2014
14-39 PDF Image; Sections 5b(a) and 5(d)(11)(A) of the CEA; No-Action
Extension of joint no-action relief granted by DCR and DMO on September 27, 2013, allowing LCH.Clearnet Ltd to clear contracts listed for trading on Nodal Exchange LLC.
03/28/2014
14-40 PDF Image; Regulation 1.16; Interpretation
Interpretation with respect to certain auditor independence requirements under Commission Regulation 1.16.
03/28/2014
14-41 PDF Image; 4d(f); No-Action
The Division of Clearing and Risk issued a letter stating that it will not recommend that the Commission take enforcement action against Singapore Exchange Derivatives Clearing Limited (SGX-DC) clearing members for failing to comply with the Commodity Exchange Act Section 4d(f)(1) registration requirements in carrying existing positions and accepting for clearing offsetting positions in certain commodity swaps for U.S. customers or customers of FCMs that clear through an FCM omnibus customer account; or SGX-DC for engaging in activities related to its clearing members carrying and accepting for clearing such customer positions.
03/10/2014
14-42 PDF Image; Regulations 4.7(b)(3), 4.12(a), 4.22(c) and (d), and 140.93; Exemption
The CPO of a commodity pool requested relief from the Annual Report filing and certification requirements in Regulations 4.7(b)(3) and 4.22(d). The CPO requested permission to file an uncertified annual report for fiscal year 2013. The CPO represented that the pool has two participants who are principals of the CPO. DSIO granted exemptive relief pursuant to Regulations 4.12(a) and 140.93 permitting the filing and distribution of an uncertified annual report for fiscal year 2013.
03/10/2014
14-43 PDF Image; Regulations 4.7(b)(3), 4.12(a), 4.22(c) and (d), and 140.93; Exemption
The CPO of a commodity pool requested relief from the Annual Report filing and certification requirements in Regulations 4.7(b)(3) and 4.22(d). The CPO requested permission to file an uncertified annual report for fiscal year 2013. The CPO represented that the pool has two participants who are principals of the CPO. DSIO granted exemptive relief pursuant to Regulations 4.12(a) and 140.93 permitting the filing and distribution of an uncertified annual report for fiscal year 2013.
03/26/2014
14-44 PDF Image; Regulations 4.12(a), 4.22(c) and (d), and 140.93; Exemption
The CPO of a commodity pool requested relief from the Annual Report filing and certification requirements in Regulations 4.22(c) and (d). In support of its request, the CPO represented that the commodity pool is currently proprietary, consisting solely of the managing member’s initial capital contribution, though the CPO is actively soliciting contributions from potential participants. DSIO granted exemptive relief pursuant to Regulations 4.12(a) and 140.93 from the certification requirement in Regulation 4.22(d), conditioned upon the CPO’s filing of an unaudited Annual Report otherwise in compliance with Regulation 4.22(c).
04/07/2014
14-45 PDF Image; Commission Regulations 1.20, 22.2, and 30.7; No-Action
Extension of previously issued no-action.
04/09/2014
14-46 PDF Image; CEA sections 2(h)(8) and 5h(a)(1); Commission Regulations 37.3(a)(1); parts 23, 43 and 45; No-Action
Conditional No-Action Relief with respect to Swaps Trading on Certain Multilateral Trading Facilities Overseen by Authorities Designated by European Union Member States
03/27/2014
14-47 PDF Image; Regulations 4.7(b)(3), 4.12(a), 4.22(c) and (d), and 140.93; Exemption
The CPO of a commodity pool requested relief from the Annual Report filing and certification requirements in Regulations 4.7(b)(3) and 4.22(d). The CPO requested permission to file a 15-month annual report for the period from inception of trading on October 1, 2013 through December 31, 2014. The CPO represented that the pool has one participant and attached waivers from both evidencing consent to the relief requested. DSIO granted exemptive relief pursuant to Regulations 4.12(a) and 140.93 permitting the filing of 15-month certified annual report for the period from October 1, 2013 through December 31, 2014.
03/28/2014
14-48 PDF Image; Commission regulations 4.12(a), 4.22(c), and 140.93; Exemption
The Division of Swap Dealer and Intermediary Oversight granted exemptive relief pursuant to Commission regulations 4.12(a) and 140.93 to a commodity pool operator of a commodity pool from the annual report filing requirements in Commission regulation 4.22(c) and permitted the commodity pool operator to file with the National Futures Association and distribute to participants an annual report for the commodity pool covering the period from January 1, 2013 to January 31, 2014, which was when the pool permanently ceased trading, by April 30, 2014 that otherwise complies with all other applicable Commission regulations.
03/31/2014
14-49 PDF Image; Commission regulations 4.7(b)(3), 4.12(a), 4.22(d), and 140.93; Exemption
The Division of Swap Dealer and Intermediary Oversight granted exemptive relief pursuant to Commission regulations 4.12(a) and 140.93 to a commodity pool operator of several commodity pools operating pursuant to an exemption under Commission regulation 4.7 whose only participants are principals, senior employees, portfolio managers of the commodity pool operator, and trusts controlled by the principals of the commodity pool operator from the requirement to have an independent public accountant audit the financial statements in the commodity pool’s annual report for fiscal year 2013 and going forward pursuant to Commission regulation 4.22(d).
04/18/2014
14-50 PDF Image; Rule 38.152; No-Action
The Division of Clearing and Risk and Division of Market Oversight (together, “the Divisions”) issued a no-action letter providing time-limited and specific relief for designated contract markets (“DCMs”) from compliance with certain requirements of Commission Regulation 38.152, including a prohibition against certain abusive trading practices, including pre-arranged trading.
03/27/2014
14-51 PDF Image; Regulations 4.7(b)(3), 4.12(a), 4.22(c) and (d), and 140.93; Exemption
The CPO of a commodity pool requested, and DSIO granted pursuant to Regulations 4.12(a) and 140.93, relief from the Annual Report filing and certification requirements in Regulations 4.7(b)(3) and 4.22(d) and permission to distribute and file a 15-month annual report covering the period from inception of trading on October 1, 2013 through December 31, 2014.
04/01/2014
14-52 PDF Image; Regulations 4.12(a), 4.7(b)(3), and 140.93; Exemption
The CPOs of a commodity pool requested, and DSIO granted pursuant to Regulations 4.12(a) and 140.93, relief from the Annual Report filing requirements in Regulation 4.22(c) for fiscal year 2013 and requested to be permitted to file with NFA and distribute to participants an annual report for the pool covering the period from January 1, 2013 to March 24, 2014, when the pool permanently ceased trading.
03/27/2014
14-53 PDF Image; Regulations 4.7(b)(3), 4.12(a), 4.22(c) and (d), and 140.93; Exemption
The CPO of a commodity pool requested, and DSIO granted pursuant to Regulations 4.12(a) and 140.93, relief from the Annual Report filing and certification requirements in Regulations 4.7(b)(3) and 4.22(d) for fiscal year 2013.
03/27/2014
14-54 PDF Image; Regulations 4.7(b)(3), 4.12(a), 4.22(c) and (d), and 140.93; Exemption
The CPO of a commodity pool requested, and DSIO granted pursuant to Regulations 4.12(a) and 140.93, relief from the Annual Report filing and certification requirements in Regulations 4.7(b)(3) and 4.22(d). The CPO requested permission to file an uncertified annual report for fiscal year 2013.
04/23/2014
14-55 PDF Image; Commission Regulations 1.20(g)(4), 39.11(e)(2), and 39.19(c)(1); No-Action
No-action relief regarding format of acknowledgment letters and format and content of daily reports for DCO winding down operations in anticipation of vacating its DCO registration.
03/28/2014
14-56 PDF Image; Regulations 4.12(a), 4.7(b)(3), and 140.93; Exemption
The CPOs of a commodity pool requested, and DSIO granted pursuant to Regulations 4.12(a) and 140.93, relief from the Annual Report filing requirements in Regulation 4.22(c) for fiscal year 2013 and requested to be permitted to file with NFA and distribute to participants an annual report for the pool covering the period from January 1, 2013 to March 7, 2014, when the pool permanently ceased trading.
04/11/2014
14-57 PDF Image; Regulations 3.4 and 140.99, Section 6m of the Commodity Exchange Act; No-Action
The investment manager of a cash collateralized loan obligation (CLO) transaction requested, and DSIO granted pursuant to Regulation 140.99, a no action position from DSIO that it would not recommend that the Commission commence an enforcement action for its failure to register as a commodity trading advisor with respect to the advice provided to the CLO.
03/31/2014
14-58 PDF Image; Regulations 4.12(a), 4.22(c), 4.22(d), and 140.93; Exemption
The CPO of a commodity pool requested, and DSIO granted pursuant to Regulations 4.12(a) and 140.93, relief from the Annual Report filing and certification requirements in Regulations 4.22(c) and 4.22(d) for fiscal year 2013 and permission to file uncertified annual reports in lieu thereof and attached a waiver from the non-proprietary participant.
04/01/2014
14-59 PDF Image; Regulations 4.12(a), 4.22(d), and 140.93; Exemption
The CPO of a commodity pool requested, and DSIO granted pursuant to Regulations 4.12(a) and 140.93, relief from the Annual Report filing and certification requirements in Regulations 4.7(b)(3) and 4.22(d) for fiscal year 2013 due to the pool’s ongoing significant exposure to an FCM bankruptcy and permission to file uncertified annual reports in lieu thereof.
04/25/2014
14-60 PDF Image; Commission Regulation 1.35(a); No-Action
Time-Limited No-Action Relief for Certain Members of Swap Execution Facilities and Designated Contract Markets from the Requirement to Record Oral Communications, Pursuant to Commission Regulation 1.35(a), in Connection with the Execution of Swap Transactions
03/31/2014
14-61 PDF Image; Regulations 4.12(a), 4.22(c) and (d), and 140.93; Exemption
The operator of a commodity pool requested relief from the Annual Report filing and certification requirements in Regulations 4.22(c) and (d), or alternatively, relief allowing them to file a certified Annual Report covering the period from April 25, 2013, to December 31, 2014. Because the entity plans to request from the Division of Swap Dealer and Intermediary Oversight a determination that it is not a commodity pool, DSIO declined to grant the relief requested, as such relief would be conditioned on the future filing of an Annual Report in 2015, and instead granted exemptive relief from the certification requirement in Regulation 4.22(d), conditioned upon the CPO’s filing of an unaudited Annual Report for the 2013 fiscal year otherwise in compliance with Regulation 4.22(c).
05/01/2014
14-62 PDF Image; CEA §2(h)(8), CEA §5(d)(9), Commission Regulations §§37.9, 37.203(a) and 38.152.; No-Action
DMO and DCR issued no-action relief, providing the phased-in compliance for package transactions which include at least one swap that has been made available to trade and is therefore subject to the trade execution requirement as well as no-action relief for the clearing of package transactions.
03/25/2014
14-63 PDF Image; Commission regulations 4.7(b), 4.12(a), 4.22(d), and 140.93.; Exemption
The Division of Swap Dealer and Intermediary Oversight granted exemptive relief pursuant to Commission regulations 4.12(a) and 140.93 to a commodity pool operator of a commodity pool operating pursuant to an exemption under Commission regulation 4.7 that undertook a significant change in its underlying strategy in 2013, subsequently gave its existing investors an opportunity to liquidate and suspended all fees beyond operational expenses, and began trading with the new models in the latter half of 2013, from the requirement to have an independent public accountant audit the financial statements in the commodity pool’s annual report for fiscal year 2013 pursuant to Commission regulation 4.22(d).
02/25/2014
14-64 PDF Image; Commission regulations 4.12(a), 4.7(b)(3), 4.22(d), and 140.93.; Exemption
The Division of Swap Dealer and Intermediary Oversight granted exemptive relief pursuant to Commission regulations 4.12(a) and 140.93 to a commodity pool operator of two commodity pools operating pursuant to an exemption under Commission regulation 4.7 that began operations in July 2013 from the requirement to distribute an annual report to the participants of each commodity pool and to have the financial statements in each commodity pool’s annual report be audited by an independent public accountant pursuant to Commission regulations 4.7(b)(3) and 4.22(d) with respect to the annual report for fiscal year 2013.
03/25/2014
14-65 PDF Image; Commission regulations 4.7(b), 4.12(a), 4.22(d), and 140.93.; Exemption
The Division of Swap Dealer and Intermediary Oversight granted exemptive relief pursuant to Commission regulations 4.12(a) and 140.93 to a commodity pool operator (the “CPO”) of a commodity pool operating pursuant to an exemption under Commission regulation 4.7 that has only two participants, both of which have discretionary investment authority over a portion of the commodity pool’s portfolio according to a plan establishing by the CPO’s control affiliate’s Chief Investment Officer and one of which is also a part owner of the CPO and its control affiliate, from the requirement to have an independent public accountant audit the financial statements in the commodity pool’s annual report for fiscal year 2013 pursuant to Commission regulation 4.22(d).
03/12/2014
14-66 PDF Image; Commission regulations 4.7(b), 4.12(a), 4.22(d), and 140.93.; Exemption
The Division of Swap Dealer and Intermediary Oversight granted exemptive relief pursuant to Commission regulations 4.12(a) and 140.93 to a commodity pool operator of three commodity pools that are organized as a three-level master-feeder structure that each operate pursuant to an exemption under Commission regulation 4.7 and began accepting subscriptions in December 2013 from the requirement to have an independent public accountant audit the financial statements in each commodity pool’s annual report for fiscal year 2013 pursuant to Commission regulation 4.22(d).
04/08/2014
14-67 PDF Image; 1.3(xxx), 140.99; No-Action
An insurance company requested no-action relief from the Division, in order to allow the company to provide reinsurance of pension plans’ longevity risks through multi-step “Interposed Longevity Reinsurance Transactions,” without such reinsurance being considered as insurance or a guarantee of a swap. Based on the company’s specific fact pattern, the Division found that the use of derivatives in the Interposed Longevity Reinsurance Transaction serves merely as a conduit for longevity risk coverage and payments made pursuant to a bona fide reinsurance transaction. Therefore, the Division agreed not to recommend that the Commission take an enforcement action against the insurance company on the basis that, under this specific fact pattern, the reinsurance of longevity risk is or should be characterized as a swap, as insurance of a swap or a guarantee of a swap, or that the insurance company is a provider of, a party to, guarantor of, or insurer of, a swap.
05/07/2014
14-68 PDF Image; Sections 5b(a) and 2(h)(1)(A) of the Commodity Exchange Act and implementing regulations thereunder; No-Action
Time-limited no-action relief for OTC Clearing Hong Kong Limited with regard to Sections 5b(a) and 2(h)(1)(A) of the Commodity Exchange Act and implementing regulations thereunder.
05/12/2014
14-69 PDF Image; 4m(1) of the Act; Registration as a Commodity Pool Operator; Other Written Communication
Update: This letter has been replaced by letter 14-126.
The Division of Swap Dealer and Intermediary Oversight announced in a letter a streamlined approach for CPOs who request registration no-action relief from DSIO if they have delegated investment management authority to another person who is registered as a CPO and do not engage in the solicitation of participants for, or the management of property of, the applicable commodity pool. The letter establishes the circumstances in which DSIO will consider requests for CPO registration relief through the streamlined approach, and the form of request a CPO is to submit to DSIO to request relief. The streamlined approach is limited to certain circumstances and is subject to a number of conditions, including that the delegating CPO represent in its form of request that certain specified criteria are met.
05/14/2014
14-70 PDF Image; CEA section 5h(a)(1); Commission Regulation 37.3(a)(1); No-Action
Extension of conditional time-limited no-action relief for Yieldbroker Pty Limited with regard to Section 5h(a)(1) of the Commodity Exchange Act and Commission Regulation 37.3(a)(1).
05/16/2014
14-71 PDF Image; 4m(1) of the Act; Registration as a Commodity Pool Operator; No-Action
The Division of Swap Dealer and Intermediary Oversight granted no-action relief from the requirement to register as a commodity pool operator to a Delegating CPO that requested the relief in accordance with the streamlined approach described in CFTC Staff Letter No. 14-69.
05/22/2014
14-72 PDF Image; Commission Regulation 1.35(a); No-Action
Time-Limited No-Action Relief for Members of Designated Contract Markets and Swap Execution Facilities that Are Not Registered with the Commission from the Requirement to Record Written Communications, Pursuant to Commission Regulation 1.35(a), in Connection with the Execution of a Transaction in a Commodity Interest and Related Cash or Forward Transactions
05/30/2014
14-73 PDF Image; Commission Regulation 23.600; No-Action
Time-limited no-action relief from compliance with the quarterly risk reporting requirement under Regulation 23.600(c)(2) for any fiscal quarters ending on or before July 31, 2014.
06/04/2014
14-74 PDF Image; Commission Regulations 23.202, 23.205, 23.400 to 23.451, 23.501, 23.502, 23.503, 23.504, 23.505, 23.506, 23.610, 23.701 to 23.704, and parts 37, 38, 43, and 50; No-Action
Extension of No-Action Relief: Transaction-Level Requirements for Non-U.S. Swap Dealers
06/02/2014
14-75 PDF Image; CEA Section 4m(1); Registration as a Commodity Pool Operator; No-Action
The Division of Swap Dealer and Intermediary Oversight issued a number of letters granting no-action relief from the requirement to register as a commodity pool operator to Delegating CPOs that requested the relief in accordance with the streamlined approach described in CFTC Staff Letter No. 14-69.
06/25/2014
14-85 PDF Image; CEA Section 5b; No-Action
Extension of no-action relief granted by DCR on September 23, 2013, allowing LCH.Clearnet Ltd to clear swaps executed on designated contract markets and swap execution facilities.
06/25/2014
14-86 PDF Image; CEA Sections 5b(a) and 5(d)(11)(A); No-Action
Extension of joint no-action relief granted by DCR and DMO on September 27, 2013, allowing LCH.Clearnet Ltd to clear contracts listed for trading on Nodal Exchange LLC.
06/26/2014
14-87 PDF Image; Section 5b(a) of the Commodity Exchange Act; No-Action
Time-limited no-action relief for Korea Exchange, Inc. with regard to Section 5b(a) of the Commodity Exchange Act and Commission Regulations thereunder.
06/25/2014
14-88 PDF Image; Regulations 1.20, 22.2, 30.7; No-Action
Extension of Time-Limited No-Action relief from compliance with certain conditions associated with the receipt of customer funds by FCMs.
06/27/2014
14-89 PDF Image; Parts 20, 45 and 46; No-Action
Time-Limited Extension of the No-Action Relief Provided in CFTC Letter No. 13-41 regarding the reporting of identifying information under Parts 20, 45 and 46.
06/30/2014
14-90 PDF Image; Part 45.4; No-Action
Extension of no-action relief granted by DMO on June 26, 2013 to SD and MSP reporting counterparties for cleared swaps from valuation data reporting required in section 45.4(b)(2)(ii) of the Commission’s regulations.
07/10/2014
14-91 PDF Image; Commission Regulations 1.20(d)(3)(i) and (ii), 1.26, 22.5, 30.7(d)(3)(i) and (ii); No-Action
DSIO is issuing a no-action letter providing additional time for futures commission merchants (FCMs) to comply with Commission regulations requiring FCMs to obtain acknowledgement letters from certain depositories. DSIO will provide no-action relief until October 17, 2014.
07/08/2014
14-92 PDF Image; Regulations 1.20(d) and 22.5(a); No-Action
Time-limited no-action relief for the Chicago Mercantile Exchange, Inc. with regard to Regulations 1.20(d) and 22.5(a).
07/10/2014
14-93 PDF Image; Regulation 1.20(g)(4); No-Action
Time-limited no-action relief for ICE Clear Europe Limited with regard to Regulation 1.20(g)(4).
07/10/2014
14-94 PDF Image; Regulations 1.20(g)(4) and 22.5; No-Action
Time-limited no-action relief for LCH.Clearnet Limited with regard to Regulations 1.20(g)(4) and 22.5.
07/23/2014
14-95 PDF Image; Parts 17, 18 and 20 of the Commission’s Regulations; No-Action
The Division of Market Oversight (DMO) is issuing a no-action letter that provides additional time for reporting parties to comply with certain reporting requirements of the ownership and control final rule, which was published in the Federal Register on November 18, 2013.
07/25/2014
14-96 PDF Image; CEA Section 4m(1); No-Action
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.
05/02/2014
14-97 PDF Image; Regulations 4.7(b)(3) and 4.22(d); Exemption
Exemption from requirement that a pool’s financial statement be audited by independent public accountants.
05/02/2014
14-98 PDF Image; Regulations 4.7(b)(3) and 4.22(d); Exemption
Exemption from requirement that a pool’s financial statement be audited by independent public accountants.
05/02/2014
14-99 PDF Image; Regulations 4.7(b)(3) and 4.22(d); Exemption
Exemption from requirement that a pool’s financial statement be audited by independent public accountants.
05/13/2014
14-100 PDF Image; Regulations 4.7(b)(3); Exemption
Exemption permitting CPO to file a single Annual Report for the period from January 1, 2013 through the pool’s permanent cessation of trading on February 28, 2014.
06/02/2014
14-101 PDF Image; Regulations 4.7(b)(3), 4.12(a), 4.22(d), and 140.93; Exemption
The CPO of a commodity pool operated pursuant to Regulation 4.7 requested relief from the audit requirement in Regulation 4.22(d) for the 2013 fiscal year, explained that the pool had ceased trading as of January 10, 2014, and provided waivers from the pool’s six participants, four of whom are principals or affiliates of the pool’s managing member. The Division granted relief, provided that the CPO distribute and file unaudited financial statements with NFA and provided that the final distribution of pool assets is completed within 14 days of the date of the relief letter.
06/27/2014
14-102 PDF Image; Regulations 4.22(d); Exemption
Exemption from requirement that a pool’s financial statement be audited by independent public accountants.
06/27/2014
14-103 PDF Image; Regulations 4.7(b)(3); Exemption
Exemption permitting CPO to file a single Annual Report for the period from inception of trading on September 1, 2013 through the end of fiscal year 2014.
06/20/2014
14-104 PDF Image; CEA Section 4m(1); No-Action
Two families, whose patriarchs have been business partners of a large, publicly traded U.S. retailer since the company’s founding over forty years ago, requested no-action relief from CPO registration on behalf of the families, the S corporation founded solely to provide services to the families, and the S corporation’s employees, with regard to funds operated by the families that may invest in commodity interests. Based on the facts presented, including the longstanding business and personal relationships between the families, the Division granted the requested no-action relief from CPO registration.
08/11/2014
14-105 PDF Image; CEA section 5h(a)(1); Commission Regulation 37.3(a)(1); No-Action
Extension of conditional time-limited no-action relief for Yieldbroker Pty Limited with regard to Section 5h(a)(1) of the Commodity Exchange Act and Commission Regulation 37.3(a)(1) until November 15, 2014.
08/18/2014
14-106 PDF Image; Regulations 1.20(d) and 22.5(a); No-Action
No-action relief for the Chicago Mercantile Exchange, Inc. with regard to Regulations 1.20(d) and 22.5(a).
08/18/2014
14-107 PDF Image; Section 5b(a) of the Commodity Exchange Act and implementing regulations thereunder; No-Action
Time-limited no-action relief for the Clearing Corporation of India Ltd. with regard to Section 5b(a) of the Commodity Exchange Act and implementing regulations thereunder.
08/18/2014
14-108 PDF Image; Commission regulations 37.6(b) and 45.2(a); No-Action
Time-limited no-action relief granted by DMO to swap execution facilities (SEFs) for incorporating by reference previously-negotiated freestanding agreements into SEF-generated confirmations for uncleared swap transactions, executed on or pursuant to the rules of a SEF, without the SEF receiving the freestanding agreements prior to execution or maintaining them afterwards, as required in sections 36.7(b) and 45.2(a) of the Commission’s regulations.
08/22/2014
14-109 PDF Image; Section 4(c)(6); No-Action
Extension of Time-Limited No-Action Relief with Respect to Certain Commodity Exchange Act Provisions That May Apply to Southwest Power Pool, Inc. and/or Its Participants
08/27/2014
14-110 PDF Image; Regulation 30.7; Interpretation
Interpretation of certain aspects of Regulation 30.7.
08/25/2014
14-111 PDF Image; Regulation 4.13(a)(3); No-Action
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.
09/08/2014
14-112 PDF Image; Commission regulations 4.7(b), 4.22(c), and 4.27(c); No-Action
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 Parent Pools.
09/08/2014
14-113 PDF Image; CEA Section 1a(10), Regulation 4.10(d); Interpretation
The Division issued an interpretation of CEA Section 1a(10) and Regulation 4.10(d), both of which define the term “commodity pool,” which will permit wholly owned subsidiaries of a single life insurance company to contribute their general account assets to a single vehicle formed by them, and will permit the vehicle to invest directly or indirectly in commodity interests without being deemed a commodity pool.
09/08/2014
14-114 PDF Image; Regulations 4.7(b)(4), 4.23(c), and 140.93; Exemption
DSIO provided an exemptive letter that enables commodity pool operators to use additional recordkeepers beyond those enumerated in Commission Regulations 4.7(b)(4) and 4.23(c).
09/08/2014
14-115 PDF Image; Regulations 4.27(c) and 140.93; Exemption
DSIO provided a letter that exempts commodity pool operators that are registered, but only operate pools pursuant to Commission Regulations 4.5 or 4.13(a)(3), from reporting on Form CPO-PQR.
09/08/2014
14-116 PDF Image; Regulations 4.7(b)(3), 4.12(a), 4.13(a)(3), and 140.93; Exemption
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.
09/15/2014
14-117 PDF Image; CEA sections 2(h)(8) and 5h(a)(1); Commission Regulations 37.3(a)(1); parts 23, 43 and 45; No-Action
Conditional no-action relief with respect to swaps trading on certain financial markets that are licensed in Australia and overseen by the Australian Securities & Investments Commission (ASIC)
09/19/2014
14-118 PDF Image; Commission regulation § 43.2; No-Action
DMO is providing time-limited relief, subject to specified conditions, to SEFs from the “occurs away” requirement under § 43.2 until December 15, 2015, at 12:00 am EST. The relief will allow SEFs to facilitate the execution of block trades on their non-Order Book trading systems or platforms while they evaluate and address the technology and other pre-execution credit check issues associated with block trading that occurs “away from” the SEFs’ trading system or platform.
09/29/2014
14-119 PDF Image; Parts 37 and 45 of the CFTC’s regulations; No-Action
The CFTC’s Division of Market Oversight issued an extension of no-action letter 13-86, which provided relief in connection with certain CDS trades executed pursuant to a DCO’s CDS Settlement Price Process, providing time-limited no-action relief to DCOs and their Clearing Members from the SEF Registration Requirement and Trading Mandate under Part 37, and from various reporting requirements under Part 45, allowing the DCO to fulfill the Reporting Counterparty’s Obligations.
09/30/2014
14-120 PDF Image; Regulation 30.7; No-Action
No-action relief from compliance with certain terms of required Regulation 30.7(c).
09/30/2014
14-121 PDF Image; Commission Regulations § 37.9(a)(2), § 37.203(a) and § 38.152; No-Action
SEFs and DCMs will have time-limited no-action relief from Commission Regulation 37.9(a)(2) regarding methods of execution for required transactions, or Commission Regulations 37.203(a) and 38.152 that prohibit pre-arranged trading, if a SEF or DCM permits a new trade, with terms and conditions that match the terms and conditions of the original trade, other than the time of execution, to be submitted for clearing. This no-action relief shall commence on the date of issuance of this letter and shall expire on February 16, 2015.
10/08/2014
14-122 PDF Image; Part 45 of the Commission’s Regulations; No-Action
The Division of Market Oversight and the Division of Clearing and Risk issued a letter stating that they will not recommend that the Commission take enforcement action against Singapore Exchange Derivatives Clearing Limited for failure to comply with the applicable swap data reporting requirements of part 45 Commission Regulations
10/08/2014
14-123 PDF Image; Regulations 1.20(g)(4) and 1.49(d)(3); No-Action; Exemption
No-action relief for ICE Clear Europe Limited with regard to Regulation 1.20(g)(4), and an exemption from the requirements of Regulation 1.49(d)(3) for customer accounts held at the Bank of England.
10/08/2014
14-124 PDF Image; Regulations 1.20(g)(4), 22.5, and 1.49(d)(3); No-Action; Exemption
No-action relief for LCH.Clearnet Limited with regard to Regulations 1.20(g)(4) and 22.5, and an exemption from the requirements of Regulation 1.49(d)(3) for customer accounts held at the Bank of England.
09/15/2014
14-125 PDF Image; Commission regulations 4.7(b)(3), 4.12(a), 4.22(d), and 140.93; Exemption
The Division of Swap Dealer and Intermediary Oversight granted the exemptive relief provided in CFTC Staff Letter 14-49 for additional commodity pools of that commodity pool operator that satisfied the conditions of that letter.
10/15/2014
14-126 PDF Image; Section 4m(1); No-Action
This letter replaces letter 14-69.
DSIO provided self-executing registration no-action relief to certain CPOs who delegate certain activities to a registered CPO. This letter replaces CFTC Staff Letter 14-69, which unlike this letter, did not provide self-executing relief. However, with the exception of certain clarifications added to the criteria for relief in Letter 14-69, the circumstances and conditions set forth in this letter are, in purpose and effect, the same as those set forth in Letter 14-69.
10/16/2014
14-127 PDF Image; Commission Regulations 1.20(d)(3)(i) and (ii), 1.26, 22.5, 30.7(d)(3)(i) and (ii); No-Action
DSIO is issuing an extension of a previous no-action letter providing additional time for futures commission merchants (FCMs) to comply with Commission regulations requiring FCMs to obtain acknowledgement letters from certain depositories. DSIO will provide no-action relief until December 31, 2014.
09/25/2014
14-128 PDF Image; Regulations 4.7(b)(3) and 4.22(d); Exemption
Exemption from requirement that a pool’s financial statement be audited by independent public accountants.
10/23/2014
14-129 PDF Image; Commission Regulations 1.17, 1.22, 22.2, and 30.7; Interpretation
Staff issued an interpretation providing that a futures commission merchant (FCM) may credit a customer’s trading account for a margin payment upon the FCM’s initiation of a withdrawal from the customer’s bank account using the Automated Clearing House (ACH) payment processing system. The FCM also may consider such pending margin payments in computing its regulatory capital.
10/29/2014
14-130 PDF Image; CEA sections 4, 5 and 5(h); parts 37, 38 and 48 of the Commission Regulations; No-Action
No-action relief for Victoria University of Wellington, New Zealand, to operate a not-for-profit market for event contracts, and to offer event contracts to U.S. persons.
10/30/2014
14-131 PDF Image; Regulations 1.20, 22.7, and 30.7; No-Action
Extension of no-action relief from compliance with certain conditions associated with the receipt of customer funds by FCMs.
10/30/2014
14-132 PDF Image; Regulations 23.701 and 23.704; Interpretation
Staff interpretation regarding notification of the right to segregation of initial margin in uncleared swap transactions and quarterly reporting under Commission Regulations 23.701 and 23.704
10/31/2014
14-133 PDF Image; Regulation 1.57(a)(1); No-Action
The Division of Swap Dealer and Intermediary Oversight issued a “no-action” position from compliance with certain requirements of Regulation 1.57(a)(1), such that a guaranteed introducing broker could open and carry customer accounts with other than its guaranteeing futures commission merchant. Among other things, customers would be eligible contract participants and it was anticipated that the ultimate owner of the guaranteeing futures commission merchant would be the ultimate owner of an interest in the guaranteed introducing broker.
11/06/2014
14-134 PDF Image; Section 43.3(a); No-Action
Time-limited no-action relief to allow Southwest Airlines and its counterparties additional time for public reporting of long-dated Brent and WTI crude oil swap and swaption contracts executed by or with Southwest Airlines.
11/07/2014
14-135 PDF Image; CFTC Regulation 50.52; No-Action
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).
11/07/2014
14-136 PDF Image; Commodity Exchange Act section 2(h)(8); No-Action
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.
11/10/2014
14-137 PDF Image; CEA section 2(h)(8), CEA section 5(d)(9), and Commission Regulations §§37.9 and 37.3(a)(2).; No-Action
The Division previously provided no-action relief for certain swaps required to be traded on a swap execution facility (SEF) or designated contract market (DCM) to the extent that those swaps were part of a package transaction. The Division has determined that further relief is appropriate to enable market participants to fully comply with the trade execution requirement with respect to swap components of certain categories of package transactions.
11/13/2014
14-138 PDF Image; Regulation 30.7; No-Action; Interpretation
No-action relief and interpretation of certain aspects of Regulation 30.7 with respect to the holding of customer funds in accounts located outside of the U.S.
11/13/2014
14-139 PDF Image; CEA section 5h(a)(1); Commission Regulation 37.3(a)(1); No-Action
Extension of conditional time-limited no-action relief for Yieldbroker Pty Limited with regard to Section 5h(a)(1) of the Commodity Exchange Act and Commission Regulation 37.3(a)(1) until February 15, 2015.
11/14/2014
14-140 PDF Image; Commission Regulations 23.202, 23.205, 23.400 to 23.451, 23.501, 23.502, 23.503, 23.504, 23.505, 23.506, 23.610, 23.701 to 23.704, and parts 37, 38, 43, and 50; No-Action
Extension of No-Action Relief: Transaction-Level Requirements for Non-U.S. Swap Dealers

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