Font Size: AAA // Print // Bookmark

All Letters

Date
All Letters
01/08/2015
15-01 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.
01/23/2015
15-02 PDF Image; Regulations 1.10 and 1.17; No-Action
Request for No-Action Relief for Introducing Brokers’ Compliance with Certain Financial Reporting and Capital Computation Requirements under Regulations 1.10 and 1.17.
02/10/2015
15-03 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 (the OCR Final Rule), which was published in the Federal Register on November 18, 2013. This no-action letter replaces a previous DMO no-action letter on the OCR Final Rule (CFTC Letter No. 14-95).
02/12/2015
15-04 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 May 15, 2015.
02/27/2015
15-05 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
01/30/2015
15-06 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 2014 fiscal year, the pool had four participants, a controlling principal of the CPO who oversees the daily operations of both the CPO and the pool; two entities owned and managed by the principal; and one outside investor. DSIO granted relief from the audit requirement for the 2014 annual report pursuant to Regulations 4.12(a) and 140.93, conditioned upon the filing, and distribution to the single outside investor, of an uncertified annual report for the 2014 fiscal year that otherwise complies with the provisions of Regulation 4.7(b)(3).
01/30/2015
15-07 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 2014 fiscal year, the pool had two participants, a controlling principal of the CPO who oversees the daily operations of both the CPO and the pool, and an LLC owned and managed by the principal. DSIO granted relief from the audit requirement for the 2014 annual report pursuant to Regulations 4.12(a) and 140.93, conditioned upon the filing of an uncertified annual report for the 2014 fiscal year that otherwise complies with the provisions of Regulation 4.7(b)(3).
01/28/2015
15-08 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 2014 fiscal year, the pool had just two participants, who are the partners of the CPO. DSIO granted relief from the audit requirement for the 2014 annual report pursuant to Regulations 4.12(a) and 140.93, conditioned upon the filing of an uncertified annual report for the 2014 fiscal year that otherwise complies with the provisions of Regulation 4.7(b)(3).
01/28/2015
15-09 PDF Image; 4.7(b)(3), 4.12(a), and 140.93; Exemption
The CPO of three 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, September 2, 2014, to December 31, 2015. The pool participants signed subscription documents, acknowledging the terms of the Pools’ offering memorandum, which included the CPO’s intent to file and distribute a 16-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 September 2, 2014, to December 31, 2015, in compliance with Regulation 4.7(b)(3).
02/03/2015
15-10 PDF Image; Regulations 4.7(b)(3), 4.12(a), 140.93; Exemption
The CPO of two commodity pools, both operated pursuant to an exemption under Regulation 4.7, requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3), to allow the CPO to file an annual report for the pools for the period from December 1, 2014, the date the pools began operations, to December 31, 2015. The CPO submitted signed waivers from its four pool participants, indicating their consent to receive such an annual report. DSIO granted relief pursuant to Regulations 4.12(a) and 140.93 conditioned upon the future filing and distribution of a certified Annual Report for the period from December 1, 2014 to December 31, 2015.
02/03/2015
15-11 PDF Image; Regulations 4.7(b)(3), 4.12(a), 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 period from January 1, 2014, to January 9, 2015, the date that the pool’s last asset was liquidated after it ceased trading on December 31, 2014. The pool had one participant, an affiliate of the CPO, who consented to receive such an annual report, and 95% of the pool’s assets had already been distributed at the time of the request. The Division granted the exemptive relief pursuant to Commission Regulations 4.12(a) and 140.93, and conditioned such relief on the future filing and distribution of a certified annual report for the period of January 1, 2014 through January 9, 2015.
02/03/2015
15-12 PDF Image; Regulations 4.7(b)(3), 4.12(a), 140.93; Exemption
The CPO of a commodity pool operated pursuant to an exemption under Regulation 4.7 requested relief from the requirements in Regulations 4.7(b)(3) and 4.22(d) to file and distribute to participants an annual report containing audited financial statements. Though initially marketed to outside investors, the pool became and will remain proprietary in nature, the participants being the CPO and accounts owned by the CPO’s managing member. DSIO granted relief from the certification requirement, on the condition that the CPO file an annual report otherwise complying with Regulations 4.7 and 4.22.
02/03/2015
15-13 PDF Image; Regulations 4.7(b)(3), 4.12(a), 140.93; Exemption
The CPO of two commodity pools, both operated pursuant to an exemption under Regulation 4.7, requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3), to allow the CPO to file an annual report for the pools for the period from November 3, 2014, the date the pools began trading, to December 31, 2015. The CPO stated that one pool feeds into the other, and though solicitation is ongoing, the only participant in the feeder pool currently is the CPO’s CEO. DSIO granted relief pursuant to Regulations 4.12(a) and 140.93 conditioned upon the future filing and distribution of a certified Annual Report for the period from November 3, 2014 to December 31, 2015.
03/23/2015
15-14 PDF Image; 17 CFR Parts 15, 17, 18 and 20; Advisories; Other Written Communication
Staff advisory from the Divisions of Market Oversight and Swap Dealer and Intermediary Oversight to remind futures commission merchants, clearing members, foreign brokers, swap dealers, and certain reporting markets of their obligation to obtain information on a timely basis from their customers or counterparties in order to comply with the ownership and control reports (OCR) final rule.
03/27/2015
15-15 PDF Image; 3.3(f)(2); No-Action
The no-action letter gives relief from the timing requirements of 3.3(f)(2) for filing the Chief Compliance Officer Annual Report. The relief gives an additional 30 days to file the report.
03/09/2015
15-16 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 Regulation 4.22(d)(1) that the financial statements in the pool’s annual report be audited. The pool began operations in January 2014, and at the end of the 2014 fiscal year, had two proprietary participants. DSIO granted relief from the audit requirement for the 2014 annual report pursuant to Regulations 4.12(a) and 140.93, conditioned upon the filing of an uncertified annual report for the 2014 fiscal year that otherwise complies with the provisions of Regulation 4.7(b)(3).
03/09/2015
15-17 PDF Image; 4.12(a), 4.22(c) and (d)(1), and 140.93; Exemption
The CPO of a commodity pool that began trading in June 2014 requested exemptive relief from Regulations 4.22(c) and (d). The CPO submitted waivers from all pool participants, which included two proprietary and three outside investors. DSIO granted relief pursuant to Regulations 4.12(a) and 140.93 from Regulation 4.22(d), permitting the filing and distribution of an unaudited 2014 annual report. Such relief is also conditioned upon the future filing and distribution of a certified Annual Report in full compliance with Regulations 4.22(c) and (d) that covers the 2014 and 2015 fiscal years.
03/09/2015
15-18 PDF Image; 4.12(a), 4.22(d)(1), and 140.93; Exemption
The CPO of a commodity pool requested exemptive relief from Regulation 4.22(d)(1), which requires the financial statements included in Annual Reports to be audited. The CPO submitted waivers from all pool participants, consenting to receive an unaudited Annual Report. DSIO granted relief pursuant to Regulations 4.12(a) and 140.93 from Regulation 4.22(d), permitting the filing and distribution of an unaudited 2014 annual report. Such relief is also conditioned upon the future filing and distribution of a certified Annual Report in full compliance with Regulations 4.22(c) and (d) that covers the 2014 and 2015 fiscal years.
03/18/2015
15-19 PDF Image; Regulations 4.7(b)(3), 4.12(a), 140.93; Exemption
The CPO of a commodity pool operated pursuant to an exemption under Regulation 4.7 requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3) to allow the CPO to file a 14-month annual report for the pool for the period from January 1, 2015, the date the pool began trading, through February 29, 2016, the close of the pool’s 2015-16 fiscal year. The CPO submitted a signed waiver from the pool’s participant, indicating consent to receive such a report. DSIO granted relief pursuant to Regulations 4.12(a) and 140.93 conditioned upon the future filing and distribution of a certified Annual Report for the period from January 1, 2015 to February 29, 2016.
03/18/2015
15-20 PDF Image; Regulations 4.7(b)(3), 4.12(a), 140.93; Exemption
The CPO of a commodity pool operated pursuant to an exemption under Regulation 4.7 requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3) to allow the CPO to file a 14-month annual report for the pool for the period from November 3, 2014, the date the CPO began operations, through December 31, 2015. DSIO granted relief pursuant to Regulations 4.12(a) and 140.93 conditioned upon the future filing and distribution of a certified Annual Report for the period from November 3, 2014 to December 31, 2015.
03/31/2015
15-21 PDF Image; Commission Regulations §§ 23.402(b) and (c), 23.430, 23.431(a)-(b), 23.432, 23.434, 23.502(b), 23.504(b)(4)-(6), and 23.701; No-Action
No-Action Relief is provided to swap dealers from compliance with certain Commission regulations related to business conduct standards with counterparties and swap trading relationship documentation when entering into swaps with certain special purpose vehicles in existence prior to October 10, 2013.
03/31/2015
15-22 PDF Image; CEA Section 4m(1); No-Action
The Division of Swap Dealer and Intermediary Oversight took a CPO and CTA registration no-action position with respect to the use of wholly-owned United States subsidiaries by a Canadian company to participate in commodity pools organized and operated in the United States. The Canadian company is the real estate investment subsidiary of an entity formed by a Canadian province to invest assets of pension and insurance plans. The United States subsidiaries are formed for tax purposes, and neither the Canadian company nor any of its United States subsidiaries seeks or accepts United States investors or participants.
03/27/2015
15-23 PDF Image; Regulations 4.7(b)(3), 4.12(a), 140.93; Exemption
The CPO of a commodity pool operated pursuant to an exemption under Regulation 4.7 requested exemptive relief from the annual report requirement in Regulation 4.7(b)(3) to allow the CPO to file an annual report for the pool for the period from January 1, 2014, through January 31, 2015. The CPO determined in January 2015 to wind up the pool’s operations. By January 31, the pool had permanently ceased trading and completed the winding up process by making its final distributions to the pool’s seven participants, all of whom consented by waiver to receive a 13-month annual report. DSIO granted relief pursuant to Regulations 4.12(a) and 140.93 conditioned upon the future filing and distribution of a certified Annual Report for the period from January 1, 2014 to January 31, 2015.
04/22/2015
15-24 PDF Image; Commission Regulations 37.9(a)(2), 37.203, 38.152, and 38.500; No-Action
The Division of Market Oversight and the Division of Clearing and Risk are issuing a no-action letter that provides relief similar to that provided in No-Action Letters 13-66 and 14-50 by permitting swap execution facilities (SEFs) and designated contract markets (DCMs) to address clerical or operational errors that cause a swap to be rejected from clearing. The relief provided in this letter also permits SEFs and DCMS to address clerical or operational errors discovered after a swap has been cleared.
04/22/2015
15-25 PDF Image; Commodity Exchange Act section 2(h)(8) and 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 No-Action Letter 14-108 and continues to provide relief from (1) the requirement that a SEF obtain documents that are incorporated by reference in confirmations issued under Commission Regulation 37.6(b) prior to issuing the confirmation, and (2) the requirement that a SEF maintain such documents as records. In addition, the division is providing relief from the requirement set forth in Commission Regulation 45.3(a) that SEFs report terms contained in the agreements that are confirmation data.
04/23/2015
15-26 PDF Image; Commodity Exchange Act section 2(h)(8) and regulations 37.6(b), 37.1000, 37.1001, 45.2, and 45.3(a); Other Written Communication
The Division of Market Oversight is issuing Guidance to swap execution facilities regarding the calculation of projected operating costs or expenses for the purpose of meeting the financial resource requirements under SEF Core Principle 13 and Commission Regulation 37.1303 and clarifies that commissions paid employee-brokers, calculated as a percentage of transaction revenue, do not have to be included in the calculation.
05/04/2015
15-27 PDF Image; Section 2(h)(7)(C)(iii) of the Commodity Exchange Act; Interpretation
The Division of Clearing and Risk published a letter interpreting Section 2(h)(7)(C)(iii) of the Commodity Exchange Act.
04/15/2015
15-28 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), and represented that the pool is closing, having been entirely proprietary since its inception; therefore, 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 filing of an unaudited Annual Report in compliance with Regulation 4.22(c).
05/15/2015
15-29 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).
05/15/2015
15-30 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 October 15, 2015.
02/18/2015
15-31 PDF Image; Commission regulation 4.22(d); Exemption
Exemptive relief granted to a CPO of a segregated portfolio of a pool from the audit requirements of Commission regulation 4.22(d)with respect to the financial statements in the 2014 annual report of the segregated portfolio. The CPO has provided a waiver from the sole participant of the segregated portfolio.
02/18/2015
15-32 PDF Image; Commission regulation 4.22(d); Exemption
Exemptive relief granted to a CPO of certain segregated series of a pool that began operations in July 2014 from the audit requirements of Commission regulation 4.22(d) with respect to the financial statements in the 2014 annual reports of the segregated series. Each segregated series has one participant and the CPO has provided waivers from the participant in each segregated series.
02/19/2015
15-33 PDF Image; Commission regulations 4.21, 4.22, 4.25; Exemption
Exemptive relief that was provided in CFTC Staff Letters 14-35 and 14-36 with respect to the requirements of Commission regulations 4.21, 4.22, and 4.25 was extended to the successor CPO of the trusts and series in those letters, subject to certain conditions, including the following: (1) the material business terms of the trusts and series do not change; (2) the investment experience of the shareholders does not change; (3) the only material change is the substitution of the CPO; (4) the representations made by the CPO in CFTC Letters 14-35 and 14-36 remain applicable; and (5) the successor CPO complies with the terms and conditions for relief set forth for the CPO in CFTC Letters 14-35 and 14-36.
03/09/2015
15-34 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 annual reports of the pool. The participants in the pool are three charitable remainder trusts formed by the sole owner and CEO of the CPO, who is also the sole income beneficiary of the trusts. The trustee of the trusts is the President of the CPO. The CPO has provided a waiver from the trustee.
03/09/2015
15-35 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 2014 annual report of the pool. The participants in the pool are the COO of the CPO and the COO’s self-directed IRA and the CPO has provided waivers from the participants.
03/09/2015
15-36 PDF Image; Commission regulation 4.22(d); Exemption
Exemptive relief that was provided in CFTC Staff Letter 14-49 was granted with respect to: (1) additional proprietary commodity pools operated by a CPO referenced in that letter; and (2) a proprietary commodity pool operated by another 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.
06/04/2015
15-37 PDF Image; Commodity Exchange Act 4d(g) and 4m; No-Action
No-Action Relief from Introducing Broker and Commodity Trading Advisor registration for persons located outside the United States in connection with certain activities for customers that are International Financial Institutions.
06/12/2015
15-38 PDF Image; Part 45.4; No-Action
Further extension of no-action relief originally granted by DMO on December 17, 2012 (previously extended on June 26, 2013 and June 30, 2014) 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.

See Also:

OpenGov Logo

CFTC's Commitment to Open Government

Gavel and Book

Follow the Status of Enforcement Actions