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Interpretative Letters

Date
Interpretative Letters
04/29/2013
13-27 PDF Image; Rule 1.73(a)(2)(iv); Interpretation
Interpretation of Commission Regulation 1.73(a)(2)(iv).
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.
03/28/2014
14-40 PDF Image; Regulation 1.16; Interpretation
Interpretation with respect to certain auditor independence requirements under Commission Regulation 1.16.
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.
09/18/2015
15-50 PDF Image; CFTC regulations 39.13, 39.15, 39.21 and 39.40; Interpretation
Staff interpretation to assist derivatives clearing organizations (DCOs) that have been designated systemically important (SIDCOs) or DCOs that have opted into the enhanced SIDCO regulatory framework (Subpart C DCOs”) in their understanding of how certain Part 39 regulations apply, consistent with specific risk management standards in the Principles for Financial Market Infrastructures. (DCR)
09/18/2015
15-51 PDF Image; Section 2(h)(8); Regulation 37.3(a)(1); Regulation 45.8; Interpretation
DCR and DMO Interpretation regarding use by a derivatives clearing organization of a “firm or forced trades” process.
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
08/08/2016
16-69 PDF Image; CFTC regulations 39.11(e)(1); 39.13(g)(10); 39.15(c) and (e); 39.36(f); Interpretation
Interpretation of CFTC regulations 39.11(e)(1); 39.13(g)(10); 39.15(c) and (e); and 39.36(f) in light of amendments to Securities and Exchange Commission rule 2a-7.
12/23/2016
16-87 PDF Image; Commission Regulation 23.451; Interpretation
DSIO’s interpretation of Regulation 23.451 clarifying staff’s view that a swap dealer’s contributions for transition or inaugural expenses incurred by a successful candidate are only covered by the rule to the extent that such expenses are incurred by a successful candidate for a position as an official of a governmental Special Entity.
08/27/2014
14-110 PDF Image; Regulation 30.7; Interpretation
Interpretation of certain aspects of Regulation 30.7.
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.
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.
10/31/2014
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
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.