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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 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.
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.

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