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All Letters

Date
All Letters
01/08/2016
16-01 PDF Image; Sections 2(h)(1) and (7) of the CEA; CFTC regulation 50.50; No-Action
No-action relief from the swap clearing requirement for a bank holding company or savings and loan holding company with consolidated assets of $10 billion or less.
01/08/2016
16-02 PDF Image; Sections 2(h)(1) and (7) of the CEA; CFTC regulation 50.4; and CFTC regulation 50.50.; No-Action
No-action relief from certain categories of the swap clearing requirement for certified community development financial institutions.
01/15/2016
16-03 PDF Image; Parts 20, 45 and 46 of the Commission’s regulations; No-Action
CFTC’s Division of Market Oversight Extends Time-Limited No-Action Relief permitting Part 45 and Part 46 reporting counterparties to mask legal entity identifiers, other enumerated identifiers and other identifying terms, and permitting Part 20 reporting entities to mask identifying information in certain enumerated jurisdictions, in each case subject to conditions.
02/01/2016
16-04 PDF Image; Regulation 39.12(b)(7), CEA Sections 5b(c)(2)(A) and 5b(c)(2)(C); No-Action
Grant of No-Action Relief with Regard to Regulations Implementing Sections 5b(c)(2)(A) and 5b(c)(2)(C) of the Commodity Exchange Act.
02/01/2016
16-05 PDF Image; Regulations 1.20(g)(4), 22.5 and 1.49(d)(3); No-Action; Exemption
No-action relief for Eurex Clearing AG 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 Deutsche Bundesbank.
02/09/2016
16-06 PDF Image; Regulation 39.19(b)(1); No-Action
The CFTC’s Division of Clearing and Risk (the “Division”) issued a no-action letter providing Singapore Exchange Derivatives Clearing Limited (“SGX-DC”) with time-limited no-action relief from Regulation 39.19(b)(1). Under the no-action relief, while SGX-DC completes an overhaul of its derivatives trading and clearing systems, SGX-DC will submit required information in CSV format instead of in FIXML format.
01/13/2016
16-07 PDF Image; CEA Section 4m(1), Regulations 4.5 and 4.6; No-Action
The Division of Swap Dealer and Intermediary Oversight provided no-action relief from CPO and CTA registration to the Board of Trustees of a pension plan group trust comprised of two plans: one that is a “qualifying entity” under Regulation 4.5, and another that is “not construed to be a pool” under that same rule.
02/12/2016
16-08 PDF Image; Commission regulation 3.10(c)(3); No-Action
The Division of Swap Dealer and Intermediary Oversight is issuing a no-action letter that would permit IBs, CPOs, and CTAs to rely on the exemption from registration in Commission Regulation 3.10(c)(3)(i) if their activities include swaps that are not subject to a Commission clearing requirement even if such swaps are not submitted for clearing through a registered FCM.
02/12/2016
16-09 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.
02/18/2016
16-10 PDF Image; Commission Regulation 32.3(b)(2); No-Action
Time-limited no-action relief for end users from the Form TO filing requirement under Commission regulation § 32.3(b)(2).
01/05/2016
16-11 PDF Image; Commission regulation 4.22(d); Exemption
Exemptive relief granted to a CPO of a pool from the audit requirements of Commission regulation 4.22(d) with respect to the financial statements in the 2015 annual report of the pool. The CPO has provided a waiver from the sole participant of the pool.
01/05/2016
16-12 PDF Image; Commission regulation 4.22(d); Exemption
Exemptive relief granted to a CPO of a pool from the audit requirement of Commission regulation 4.22(d) with respect to the pool’s 2015 annual report. The CPO has provided a waiver from the sole participant of the pool.
02/03/2016
16-13 PDF Image; 17 CFR 4.7(b)(3), 4.12(a), 140.93; Exemption
A CPO requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3), to allow it to file an annual report for its exempt pool for the period from August 1, 2015, the date the pool began trading, to December 31, 2016. DSIO granted relief conditioned upon the future filing and distribution of a certified Annual Report for the period from August 1, 2015 to December 31, 2016.
02/03/2016
16-14 PDF Image; 17 CFR 4.7(b)(3), 4.12(a), 140.93; Exemption
A CPO requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3), to allow it to file an annual report for its exempt pool for the period from August 3, 2015, the date the pool began trading, to December 31, 2016. DSIO granted relief conditioned upon the future filing and distribution of a certified Annual Report for the period from August 3, 2015 to December 31, 2016.
02/03/2016
16-15 PDF Image; 17 CFR 4.7(b)(3), 4.12(a), 140.93; Exemption
A CPO requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3), to allow it to file an annual report for its exempt pool for the period from December 1, 2015, the date it began operations, to December 31, 2016. DSIO granted relief conditioned upon the future filing and distribution of a certified Annual Report for the period from December 1, 2015 to December 31, 2016.
02/05/2016
16-16 PDF Image; 17 CFR 4.7(b)(3), 4.12(a), 4.22(d)(1), and 140.93; Exemption
The CPO of an exempt commodity pool with two participants, a controlling principal of the CPO and an LLC owned by the principal, requested relief from the audit requirement in Regulations 4.7(b)(3) and 4.22(d)(1). DSIO granted relief for the pool’s 2015 annual report, conditioned upon the filing of an uncertified annual report for the 2015 fiscal year that otherwise complies with Regulation 4.7(b)(3).
02/03/2016
16-17 PDF Image; 17 CFR 4.7(b)(3), 4.12(a), 4.22(d)(1), and 140.93; Exemption
The CPO of an exempt commodity pool with two participants, a controlling principal of the CPO and an LLC owned by the principal, requested relief from the audit requirement in Regulations 4.7(b)(3) and 4.22(d)(1). DSIO granted relief for the pool’s 2015 annual report, conditioned upon the filing of an uncertified annual report for the 2015 fiscal year that otherwise complies with Regulation 4.7(b)(3).
02/03/2016
16-18 PDF Image; 17 CFR 4.7(b)(3), 4.12(a), 4.22(d)(1), and 140.93; Exemption
The CPO of an exempt commodity pool requested relief from the audit requirement in Regulation 4.22(d)(1), on the basis that the sole participant is the owner of the CTA managing the pool’s assets. DSIO granted relief for the pool’s 2015 annual report, conditioned upon the filing and distribution of an uncertified annual report for the 2015 fiscal year that otherwise complies with Regulation 4.7(b)(3).
02/03/2016
16-19 PDF Image; Commission regulation 4.22(d); Exemption
Exemptive relief granted to a CPO of certain segregated series of a pool from the audit requirements of Commission regulation 4.22(d) with respect to the financial statements in the 2015 annual reports of the segregated series. The CPO has provided waivers from the all participants in the segregated series.
02/17/2016
16-20 PDF Image; Commission regulation 4.22(d); Exemption
Exemptive relief granted to a CPO of a pool from the audit requirements of Commission regulation 4.22(d) with respect to the financial statements in the 2015 annual report of the pool. The CPO has provided a waiver from the sole participant of the pool.
02/03/2016
16-21 PDF Image; Commission regulation 4.22(d); Exemption
Exemptive relief that was provided in CFTC Staff Letter 14-49 was granted with respect to additional proprietary commodity pools operated by a CPO referenced in that letter. The CPOs provided the same representations provided in CFTC Staff Letter 14-49 and represented that they would comply with the conditions of the relief provided in that letter.
02/25/2016
16-22 PDF Image; Commission regulation 4.27; Exemption
DSIO response to industry questions on Form CPO-PQR FAQ.
02/29/2016
16-23 PDF Image; Regulation 1.57(a)(1); No-Action
The Division of Swap Dealer and Intermediary Oversight took a no-action position with respect to IBs guaranteed by a certain FCM, where the IBs would introduce ECP swap counterparties to each other, without opening or carrying customer accounts with the guarantor FCM. For uncleared swaps, no FCM would be involved in the transaction, and for cleared swaps, each counterparty would use an FCM for clearing that the counterparty had selected. The guarantor FCM would remain well-capitalized for the risk undertaken, and would be jointly and severally liable for all obligations of each of the guaranteed IBs with respect to their solicitation of swaps orders.
03/02/2016
16-24 PDF Image; Section 1.11; Advisories; Other Written Communication
Advisory to Futures Commission Merchants reminding them of key risk management program requirements and sharing observed examples of practices for implementing an effective program.
03/14/2016
16-25 PDF Image; Commodity Exchange Act section 2(h)(8) and Commission Regulations 37.6(b), 37.1000, 37.1001, 45.2, and 45.3(a); No-Action
The Division of Market Oversight is issuing a no-action letter that extends Letter No. 15-25 and provides relief from: (1) the requirement that a SEF obtain documents that are incorporated by reference in a confirmation issued under Commission Regulation 37.6(b) prior to issuing the confirmation; (2) the requirement that a SEF maintain such documents as records; and (3) the requirement that a SEF report terms contained in such documents that are confirmation data.
03/16/2016
16-26 PDF Image; Part 22; Regulations 39.12(b)(6); 39.13(g)(8)(i); 39.13(g)(8)(ii); 39.12(a)(2)(iii); 39.12(b)(7); 39.13(h)(5); 39.11(f).; No-Action
The CFTC’s Division of Clearing and Risk (the “Division”) issued a no-action letter providing limited no-action relief for derivatives clearing organizations (“DCOs”) that are registered with the Commission and are authorized to operate as central counterparties (“CCPs”) in the EU from the application of Commission regulations to discrete aspects of their non-U.S. clearing activities.
03/15/2016
16-27 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.
03/30/2016
16-28 PDF Image; CEA Section 4s(k)(3); CFTC Regulation 3.3(f)(2); No-Action
No-Action Relief from the Timing Requirements of Commission Regulation 3.3(f)(2) Relating to Annual Reports by Chief Compliance Officers for Commerzbank AG.
03/30/2016
16-29 PDF Image; CEA Section 4s(k)(3); CFTC Regulation 3.3(f)(2); No-Action
No-Action Relief from the Timing Requirements of Commission Regulation 3.3(f)(2) Relating to Annual Reports by Chief Compliance Officers for Deutsche Bank AG.
03/25/2016
16-30 PDF Image; Regulations 4.12(a), 4.7(b)(3), 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 Regulations 4.7(b)(3) and 4.22(d), which require the filing and distribution of audited financial statements, for fiscal year 2015 and requested to be permitted to file with NFA and distribute to participants audited financial statements for the pool covering the period from July 21, 2015 to December 31, 2016.
02/22/2016
16-31 PDF Image; Commission regulation 4.7(b); Exemption
Exemptive relief granted to a CPO of pools that began operations during the fourth quarter of 2015 from providing annual reports for fiscal year 2015; provided, that the CPO provide an annual report that covers the period from the beginning of operations to the end of fiscal year 2016 after the end of fiscal year 2016. The CPO has provided waivers from all participants of the pools.
04/08/2016
16-32 PDF Image; Parts 17, 18 and 20 of the Commission’s Regulations; No-Action
No-action relief related to data reporting requirements under OCR Final Rule.
04/08/2016
16-33 PDF Image; Part 17 of the Commission’s Regulations; No-Action
No-action relief related to data masking of information required to be reported under OCR Final Rule.
04/01/2016
16-34 PDF Image; Section 1a(10) of the Commodity Exchange Act and Commission regulation 4.10(d)(1); Interpretation
Interpretative relief granted that states that a pool that is only funded and traded by two brothers is not a commodity pool
03/25/2016
16-35 PDF Image; Commissions Regulation 4.7, 4.22; Exemption
Exemptive relief for a CPO from auditing a pool’s 2015 annual report.
03/25/2016
16-36 PDF Image; Commissions Regulation 4.7, 4.22; Exemption
Exemptive relief for a CPO from auditing a pool’s 2015 annual report.
04/05/2016
16-37 PDF Image; Commission Regulations 4.7, 4.22; Exemption
Exemptive relief for a CPO from auditing a pool’s 2015 annual report.
03/25/2016
16-38 PDF Image; Commission Regulations 4.7, 4.22; Exemption
Exemptive relief for a CPO from auditing a pool’s 2015 annual report.
04/05/2016
16-39 PDF Image; Commission Regulations 4.7, 4.22; Exemption
Exemptive relief for a CPO from auditing a pool’s 2015 annual report.
02/22/2016
16-40 PDF Image; 17 CFR 4.7(b)(3), 4.12(a), 4.22(d)(1), and 140.93; Exemption
The CPO of an exempt pool, with the CPO as the only participant, requested relief from the audit requirement in Regulations 4.7(b)(3) and 4.22(d)(1). DSIO granted relief for the pool’s 2015 annual report, conditioned upon the filing of an uncertified annual report for the 2015 fiscal year that otherwise complies with Regulation 4.7(b)(3).
03/07/2016
16-41 PDF Image; 17 CFR 4.7(b)(3), 4.12(a), 140.93; Exemption
A CPO requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3), to allow it to file an annual report for its exempt pool for the period from November 2, 2015, the date the pool began trading, to December 31, 2016. DSIO granted relief conditioned upon the future filing and distribution of a certified Annual Report for that 14-month period.
02/22/2016
16-42 PDF Image; 17 CFR 4.7(b)(3), 4.12(a), 140.93; Exemption
A CPO requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3), to allow it to file an annual report for its exempt pool for the period from December 23, 2015, the date the pool began trading, to December 31, 2016. DSIO granted relief conditioned upon the future filing and distribution of a certified Annual Report covering that period.
02/22/2016
16-43 PDF Image; 17 CFR 4.7(b)(3), 4.12(a), 140.93; Exemption
A CPO requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3), to allow it to file an annual report for its exempt pool for the period from December 29, 2015, the date the pool began trading, to December 31, 2016. DSIO granted relief conditioned upon the future filing and distribution of a certified Annual Report covering that period.
03/25/2016
16-44 PDF Image; 17 CFR 4.7(b)(3), 4.12(a), 4.22(d)(1), and 140.93; Exemption
The CPO of an exempt commodity pool requested relief from the audit requirement in Regulation 4.22(d)(1), on the basis that the pool’s two participants are owners of the CTA managing the pool assets. DSIO granted relief for the 2015 annual report, conditioned upon the filing and distribution of an uncertified 2015 annual report that otherwise complies with Regulation 4.7(b)(3).
02/22/2016
16-45 PDF Image; 17 CFR 4.7(b)(3), 4.12(a), 4.22(d)(1), and 140.93; Exemption
The CPO of an exempt commodity pool with three participants, all of whom are managing members of the CPO, requested relief from the audit requirement in Regulations 4.7(b)(3) and 4.22(d)(1). DSIO granted relief for the pool’s 2015 annual report, conditioned upon the filing and distribution of an uncertified annual report for the 2015 fiscal year that otherwise complies with Regulation 4.7(b)(3).
03/31/2016
16-46 PDF Image; CEA Section 4m(1); No-Action
Consistent with CFTC Staff Letters 12-37 and 14-143, and its past practice in this area, the Division granted no-action relief from CPO and CTA registration to a family office that provides investment management and advisory services to a single family.
03/29/2016
16-47 PDF Image; Commission regulations 4.22(d) and 4.27(c); Exemption
Exemptive relief granted to a CPO of a fund complex from: (1) Filing with NFA and distributing to the participants of the Intermediate Fund an audited annual report of the Feeder Fund; and (2) Filing with NFA Form CPO-PQR for the Intermediate Fund. This relief allows the CPO to prepare one audited annual report and one CPO-PQR at the Feeder Fund-level for both the Feeder Fund and the Intermediate Fund.
03/23/2016
16-48 PDF Image; Commission regulation 4.7(b); Exemption
Exemptive relief granted to a CPO of pools that began operations at the end of September 2015 from providing annual reports for fiscal year 2015; provided, that the CPO provide an annual report that covers the period from the beginning of operations to the end of fiscal year 2016 after the end of fiscal year 2016. The CPO has provided waivers from all participants of the pools.
03/21/2016
16-49 PDF Image; Commission regulation 4.7(b); Exemption
Exemptive relief granted to a CPO of a pool that permanently ceased trading in March 2016 from providing an annual report for fiscal year 2015; provided, that the CPO provide an annual report that covers the period from January 1, 2015 to March 31, 2016. The CPO has provided a waiver from the lone outside participant of the pool.
03/31/2016
16-50 PDF Image; 17 CFR 4.7(b)(3), 4.12(a), 140.93; Exemption
A CPO requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3), to allow it to file an annual report for its exempt pool for the period from November 10, 2015, the date the pool began trading, to December 31, 2016. DSIO granted relief conditioned upon the future filing and distribution of a certified Annual Report for the period from November 10, 2015 to December 31, 2016.
03/31/2016
16-51 PDF Image; 17 CFR 4.7(b)(3), 4.12(a), 140.93; Exemption
A CPO requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3), to allow it to file an annual report for its exempt pool for the period from December 1, 2015, the date the pool began trading, to December 31, 2016. DSIO granted relief conditioned upon the future filing and distribution of a certified Annual Report for the period from December 1, 2015 to December 31, 2016.
05/12/2016
16-52 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 September 15, 2016.
04/28/2016
16-53 PDF Image; Commission regulation 4.7(b)(2); Exemption
Exemptive relief granted to a CPO to permit the CPO to provide monthly account statements to participants within 45 days of the month end rather than quarterly account statement within 30 days of the quarter end pursuant to Commission regulation 4.7(b)(2).
04/28/2016
16-54 PDF Image; Commission regulation 4.7(b)(2); Exemption
Exemptive relief granted to a CPO to permit the CPO to provide monthly account statements to participants within 45 days of the month end rather than quarterly account statement within 30 days of the quarter end pursuant to Commission regulation 4.7(b)(2).

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