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All Letters

Date
All Letters
02/27/2012
12-01 PDF Image; Regulations 4.34 and 4.35; Interpretation
The Division of Swap Dealer and Intermediary Oversight issued an interpretation regarding the time period for which past performance is required to be disclosed by persons required to register as CTAs because they engage in off-exchange retail foreign currency transactions (“retail forex”). Such persons (“Forex CTAs”) are required to disclose performance information for the period beginning October 18, 2010, the date upon which the Commission’s regulations governing retail forex became effective. A Forex CTA that chooses to present past performance information for any period of time prior to October 18, 2010 must do so in accordance with the time period as specified in Regulation 4.35(a)(5), must include all accounts directed by the Forex CTA, must present the information in the format specified in Regulation 4.35, and must have and maintain adequate books and records to substantiate the information.
07/02/2012
12-02 PDF Image; Part 20: Large Trader Reporting for Physical Commodity Swaps; No-Action
Staff No-Action Relief: Temporary Relief for Clearing Members from the Requirements of Ownership-Level Reporting of § 20.4 of the Commission’s Regulations Regarding Large Swaps Trader Reporting for Physical Commodities.
07/10/2012
12-03 PDF Image; Part 4: Registration and Compliance Obligations for CPOs and CTAs; No-Action
No-Action Relief from Rescission of Regulation 4.13(a)(4) and Amendments to Regulation 4.5.
07/17/2012
12-04 PDF Image; Part 20: Large Trader Reporting for Physical Commodity Swaps; No-Action
Staff No-Action Relief: Temporary Relief for Non-Clearing Member Swap Dealers from the Requirements of § 20.4 of the Commission’s Regulations Regarding Large Swaps Trader Reporting for Physical Commodities.
07/24/2012
12-05 PDF Image; Part 151: Position Limits for Futures and Swaps; No-Action
Staff No-Action Relief: Temporary Relief from the Aggregation Requirements of the Commission’s Rule Regarding Position Limits for Futures and Swaps.
08/14/2012
12-06 PDF Image; Regulation 32.3 Trade Options; No-Action
Staff No-Action Relief: Temporary Relief for Persons Eligible for the Trade Option Exemption from the Requirements of §§ 32.3(b) and 32.3(c)(1), (3), (4) and (5) of the Commission’s Regulations.
08/16/2012
12-07 PDF Image; Rule 140.98; Interpretation
The Division of Market Oversight issued an interpretation addressing whether, under Part 151 of the Commission’s regulations, an electric company may treat as bona fide hedging transactions certain derivative transactions that reduce the price risk associated with its unfilled anticipated requirements for natural gas, even though it has entered into some long-term, firm purchases of natural gas at an unfixed price. The interpretation notes that unfilled anticipated requirements may be recognized as the basis of a bona fide hedging position or transaction under Commission Regulation 151.5(a)(2)(ii)(C) when a commercial enterprise has entered into long-term, unfixed-price supply or requirements contracts as the price risk of such “unfilled” anticipated requirements is not offset by an unfixed price forward contract as the price risk remains with the commercial, even though the commercial enterprise has contractually assured a supply of the commodity. Instead, the price risk continues until the forward contract’s price is fixed; once the price is fixed on the supply contract, the commercial enterprise no longer has price risk and the derivative position, to the extent the position is above an applicable speculative position limit, must be liquidated in an orderly manner in accordance with sound commercial practices.
09/14/2012
12-08 PDF Image; Regulation 39.13(g)(8)(ii); Interpretation
The Division of Clearing and Risk issued a letter interpreting Regulation 39.13(g)(8)(ii) (customer margin rule) to clarify that registered derivatives clearing organizations, in establishing customer initial margin requirements, may preserve historical practices by which customer initial margin requirements are based on the type of customer account and reflect the application of prudential standards that result in FCMs collecting customer initial margin at levels commensurate with the risk presented by each type of customer account.
09/26/2012
12-09 PDF Image; 1.73(a)(2)(i), 1.73(a)(2)(iv), 1.73(a)(2)(v); No-Action
Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) today announced an extension of time for compliance in order to provide additional time for market participants to coordinate on the communication of limits for give-ups and bunched orders for futures and swaps. This extension of time is intended to provide sufficient time to transition to fully compliant pre-trade screening no later than June 1, 2013. Additionally, DCR also announced the issuance of an extension of time for compliance from pre-trade screening requirements for those transactions executed on DCMs that do not have a system permitting FCMs to set pre-execution limits, until the earlier of the date on which the DCM implements such a system, or June 1, 2013.
10/10/2012
12-10 PDF Image; 4d(f)(2), (3), (4), and (6); No-Action
Division of Clearing and Risk staff issued a no action preserving the regulatory status quo with respect to swaps cleared by a DCO (and related) collateral which expires on the compliance date for Part 22 regulations, November 8, 2012.
10/11/2012
12-11 PDF Image; Section 4(c)(6); No-Action
Staff No-Action Relief: Preservation of the Regulatory Status Quo with Respect to Certain CEA Provisions That May Apply to RTOs, ISOs, and/or Their Participants.
10/11/2012
12-12 PDF Image; No action with respect to all provisions except general enforcement provisions; No-Action
Staff No-Action Relief: Preservation of the Regulatory Status Quo with Respect to Certain CEA Provisions That May Apply to FPA Section 201(f) Entities and Other Electric Cooperatives.
10/11/2012
12-13 PDF Image; Section 1a(10) and Commission Regulation 4.10(d); Interpretation
Request for Interpretation of the Definition of “Commodity Pool” under Section 1a(10) of the Commodity Exchange Act.
10/11/2012
12-14 PDF Image; Section 1a(10) of the CEA and Commission Regulation 4.10(d); Interpretation
The Division of Swap Dealer and Intermediary Oversight issued an interpretative letter excluding certain securitization vehicles from the definition of commodity pool, subject to certain conditions.
10/11/2012
12-15 PDF Image; CEA Sections 4d, 4e, 4m, 4s(b)(6); and CFTC Part 3 Regulations; No-Action
Registration Relief for Certain Persons.
10/12/2012
12-16 PDF Image; Regulation 1.3(ggg)(4); No-Action
Time-Limited No-Action Relief: Cleared Swaps in Agricultural and Exempt Commodities and Swaps Exchanged for Futures Not to be Considered in Calculating Aggregate Gross Notional Amount for Purposes of Swap Dealer De Minimis Exception.
10/12/2012
12-17 PDF Image; 1a(18)(A); 2(e); 13(a); 17 C.F.R. § 23.430; No-Action; Interpretation
Interpretations and no-action positions related to ECP status.
10/12/2012
12-18 PDF Image; 1.3(ggg)(4); No-Action
Staff No-Action Relief: Temporary Relief from the De Minimis Threshold for Certain Swaps with Special Entities.
10/12/2012
12-19 PDF Image; Commission Regulations 4.5 and 1.3(z); Interpretation
The Division of Swap Dealer and Intermediary Oversight issued an interpretative letter that clarifies, in light of the recent vacatur of the position limits rule, the scope of the bona fide hedging exemption from the trading thresholds as applied to the operators of registered investment companies pursuant to Regulation 4.5.
10/12/2012
12-20 PDF Image; Commission Regulations 1.3(ggg)(4) and 1.3(hhh); No-Action
Time-Limited No-Action Relief: Swaps in Agricultural and Exempt Commodities Not to be Considered in Calculating Aggregate Gross Notional Amount for Purposes of Swap Dealer De Minimis Exception and Calculation of Whether a Person is a Major Swap Participant.
10/12/2012
12-21 PDF Image; Commission Regulation 1.3(ggg)(4); No-Action
Time Limited No-action Relief: Foreign Exchange Swaps and Foreign Exchange Forwards Not to be Considered in Calculating Aggregate Gross Notional Amount for Purposes of Swap Dealer De Minimis Exception or in Calculating Substantial Position in Swaps or Substantial Counterparty Exposure for Purposes of the Major Swap Participant Definition. Time-Limited No-action Relief for persons that meet the definitions of Commodity Pool Operators and Commodity Trading Advisors Solely as a Result of their Foreign Exchange Swap and Foreign Exchange Forward Activities.
10/12/2012
12-22 PDF Image; Regulations 1.3(ggg)(4) and 1.3(hhh); No-Action
Time-Limited No-Action Relief: Swaps Only With Certain Persons to be Included in Calculation of Aggregate Gross Notional Amount for Purposes of Swap Dealer De Minimis Exception and Calculation of Whether a Person is a Major Swap Participant.
09/14/2012
12-23 PDF Image; Section 4m(1) of the Act; Registration as a Commodity Pool Operator; No-Action
The Division of Swap Dealer and Intermediary Oversight provided no-action relief to the general partner of a commodity pool from registering as a CPO under Section 4m(1) of the Commodity Exchange Act, and allowed an affiliated CPO (“designee”) to serve as the CPO of the pool instead, where, among other things: (1) the general partner and the designee are under common ownership and control; (2) the general partner has delegated all of its management authority to the designee; (3) the general partner does not engage in the solicitation of investors for the pool and does not manage property of the pool; and (4) the general partner and designee executed and submitted to the Division a written acknowledgement of joint and several liability for any violation by either of them of the Act or the Commission’s regulations.
09/24/2012
12-24 PDF Image; Section 4m(1) of the Act; Registration as a Commodity Pool Operator; No-Action
The Division of Swap Dealer and Intermediary Oversight provided no-action relief to the general partner of a commodity pool from registering as a CPO under Section 4m(1) of the Commodity Exchange Act, and allowed an affiliated CPO (“designee”) to serve as the CPO of the pool instead, where, among other things: (1) the general partner and the designee are under common ownership and control; (2) the general partner has delegated all of its investment management authority to the designee; and (3) the general partner does not engage in the solicitation of investors for the pool and does not manage property of the pool. The relief was subject to the conditions that, among other things: (1) the designee becomes and remains registered as a CPO; and (2) the general partner and the designee execute an agreement by which they each undertake to be jointly and severally liabile for any violation by either of them of the Act or the Commission’s regulations in connection with the operation of the pool.
09/14/2012
12-25 PDF Image; Section 4m(1) of the Act; Registration as a Commodity Pool Operator; No-Action
The Division of Swap Dealer and Intermediary Oversight provided no-action relief to the general partner of a commodity pool from registering as a CPO under Section 4m(1) of the Commodity Exchange Act, and allowed an affiliated, registered CPO (“designee”) to serve as the CPO of the pool instead, where, among other things: (1) the general partner and the designee are under common ownership and control; (2) the general partner has delegated all of its management authority to the designee; (3) the general partner does not engage in the solicitation of investors for the pool and does not manage property of the pool; and (4) the general partner and designee executed and submitted to the Division a written acknowledgement of joint and several liability for any violation by either of them of the Act or the Commission’s regulations.
06/01/2012
12-26 PDF Image; Regulation 1.71; No-Action
The Division will not recommend that the Commission take an enforcement action against FCMs or IBs for failure to be fully compliant with Regulations 1.71(a)-(c), (e) and (f) until 60 days beyond the current June 4, 2012 compliance date of the Regulation (August 3, 2012).
10/05/2012
12-27 PDF Image; Regulation 4.10(d)(1); Interpretation
The Division of Swap Dealer and Intermediary Oversight issued an interpretation that a limited liability company whose members were all family members was not a commodity pool within the meaning and intent of Regulation 4.10(d)(1) and, consequently, that the managing member was not a CPO thereof.
10/17/2012
12-28 PDF Image; Regulation 22.2(d); Interpretation
Division of Clearing and Risk staff issued an interpretation providing clarification that while regulation 22.2(d) prohibits an FCM from permitting a lien on Cleared Swaps Customer Collateral that it holds, regulation 22.2(d) does not prohibit a Cleared Swaps Customer from granting a lien on his or her own account at the FCM, nor does the regulation prohibit the FCM from taking action to foster the Cleared Swaps Customer’s grant of such a lien.
10/26/2012
12-29 PDF Image; Commission Regulations 23.202, 23.203; No-Action
Request for No-Action Relief for Swap Dealers and Major Swap Participants from Compliance with Certain Internal Business Conduct Requirements Found in Subpart F to Part 23 of the CFTC’s Regulations
10/31/2012
12-30 PDF Image; Part 22; No-Action
Staff No-Action Relief: Temporary Delay of Compliance Date for Part 22 Rules Due to Effects of Hurricane Sandy.
11/01/2012
12-31 PDF Image; Part 22; Interpretation
Staff Interpretation Regarding Part 22.
11/19/2012
12-32 PDF Image; Part 43, Part 45 and Part 46 of the CFTC's regulations; No-Action
Time-Limited No-Action Relief for Swap Dealers from Certain Swap Data Reporting Requirements of Part 43, Part 45 and Part 46 of the Commission’s Regulations.
11/29/2012
12-33 PDF Image; Amended; Commission Regulation 23.451; No-Action
Requests for No-Action Relief from Commission Regulation 23.451 in Connection with Dealings with Certain Governmental Plans and for Clarification Concerning the “Look-Back” Provision of Commission Regulation 23.451.
11/19/2012
12-34 PDF Image; Commission Regulation 1.25(d)(2); No-Action
By letter dated July 16, 2012, X requested that the Division confirm that it will not recommend enforcement action to the Commission concerning X’s proposed repurchase and reverse repurchase transactions (collectively, “repos”) under Commission Regulation 1.25 (investment of customer funds). X intends to enter into repos, using customer funds, subject to Regulation 1.25(d). The repos will subsequently be submitted for clearing by Y, an SEC-registered securities clearing agency. By clearing the repos, Y will become X’s counterparty. Although Y is not a “permitted counterparty” under Regulation 1.25(d)(2), the Division believes that permitting X to clear repos with Y is consistent with the risk-mitigation purpose of the regulation’s counterparty limitations.
11/28/2012
12-35 PDF Image; Section 2(h) of the CEA; No-Action
Time-Limited No-Action Relief from the Clearing Requirement for Swaps Between Affiliated Counterparties.
11/28/2012
12-36 PDF Image; Section 2(h) of the CEA; No-Action
Time-Limited No-Action Relief from the Clearing Requirement for Swaps Entered Into By Cooperatives.
11/29/2012
12-37 PDF Image; Parts 3 and 4; No-Action
No-Action Relief related failure to register with the Commission as a CPO against a CPO that is a Family Office within the meaning and intent of 17 CFR § 275.202(a)(11)(G)-1, as amended.
11/29/2012
12-38 PDF Image; Parts 3 and 4; No-Action
No-Action Letter: Delayed Compliance Date of Amended Part 4; Rescission of Former Appendix A.
11/30/2012
12-39 PDF Image; Part 43 and Part 45: §§ 43.3(a); 43.4(a); Appendix A to Part 43; 45.3(b)(1); 45.3(b)(3); 45.3(c)(1)(i); 45.3(c)(1)(iii); 45.3(c)(2)(i); 45.3(c)(2)(iii); 45.3(d)(1); 45.3(d)(3); 45.4(c); and Appendix 1; No-Action
Time-Limited No-Action Relief for Bespoke or Complex Swaps from Certain Swap Data Reporting Requirements of Parts 43 and 45 of the Commission’s Regulations.
12/04/2012
12-40 PDF Image; Parts 3 and 4; No-Action
No-Action Relief from the Commodity Pool Operator Registration Requirement for Commodity Pool Operators of Certain Pooled Investment Vehicles Organized as Business Development Companies
12/05/2012
12-41 PDF Image; Part 43, Part 45 and Part 46 of the CFTC's regulations; No-Action
No-Action Relief for Swap Dealers from Certain Swap Data Reporting Requirements of Part 43, Part 45 and Part 46 of the Commission’s Regulations. Due to Effects of Hurricane Sandy.
12/06/2012
12-42 PDF Image; Commission Regulation 23.431; No-Action
Request for Relief Regarding Obligation to Provide Pre-Trade Mid-Market Mark for Certain Foreign Exchange Transactions.
12/07/2012
12-43 PDF Image; Regulation 23.22(b) – Prohibition against associating with a person subject to a statutory disqualification; No-Action
Relief for Swap Dealers and Major Swap Participants from Compliance with Regulation 23.22(b) with Respect to: (1) Non-Domestic Associated Persons who Deal only with Non-Domestic Swap Counterparties; and (2) Persons Employed in a Clerical or Ministerial Capacity.
12/07/2012
12-44 PDF Image; Parts 3 and 4 of the Commission’s Regulations; No-Action
No-Action Relief from the Commodity Pool Operator Registration Requirement for Commodity Pool Operators of Certain Pooled Investment Vehicles Organized as Mortgage Real Estate Investment Trusts.
12/07/2012
12-45 PDF Image; Parts 3 and 4 of the Commission’s Regulations; Section 1a(10) of the CEA; No-Action; Interpretation
The Division of Swap Dealer and Intermediary Oversight issued a letter providing additional guidance to securitization vehicles regarding whether they may be excluded from the definition of commodity pool. The Division also stated that it will not recommend that the Commission take enforcement action against the commodity pool operators of securitization vehicles that have not and will not issue new securities on or after October 12, 2012. Finally, the Division stated that, for securitization vehicles that could not claim relief either under this letter or the 12-14 Letter, it would not recommend enforcement action against operators of securitization vehicles for failure to register as a commodity pool operator until March 31, 2013.
12/07/2012
12-46 PDF Image; Part 20, Part 45 and Part 46; No-Action
Time-limited no-action relief for Part 20 Reporting Entities regarding identifying information and for Part 45 and Part 46 Reporting Counterparties regarding legal entity identifiers and other identifying information.
12/10/2012
12-47 PDF Image; Regulation 3.3; No-Action
Request for Time-Limited No-Action Relief for Certain Futures Commission Merchants from Compliance with Certain Requirements of Commission Regulation 3.3 Relating to Annual Reports by Chief Compliance Officers.
12/11/2012
12-48 PDF Image; CEA Sections 2(d), 2(e), 2(g), 2(h), 5d;; No-Action
Staff No-Action Relief: Preservation of the Regulatory Status Quo Established with Respect to Certain Transactions by the Commission’s Second Amendment to July 14, 2011 Order for Swap Regulation.
12/11/2012
12-49 PDF Image; Commission Regulation 3.10(a)(2); No-Action
No-Action Relief: Alternative to Fingerprinting to Establish Fitness of Principals Residing Outside the United States.
12/13/2012
12-50 PDF Image; Section 45.3(e)(ii)(A) of the Commission’s regulations; No-Action
The Division of Market Oversight issued time-limited, no-action relief from the post-allocation swap timing requirement of section 45.3(e)(ii)(A) of the Commission’s regulations.
12/14/2012
12-51 PDF Image; Part 20 of the CFTC’s regulations; No-Action
Clarification of Division of Market Oversight No-Action Letter 12-04 (July 17, 2012), and Extension of No-Action Relief for Non-Clearing Member Swap Dealers from Large Swap Trader Reporting Requirements of Section 20.4 of the Commission’s Regulations.
12/14/2012
12-52 PDF Image; Commission Regulation 3.3; No-Action
Request for Time-Limited No-Action Relief for Certain Swap Dealers from Compliance with Requirements of Commission Regulation 3.3 Relating to Annual Reports by Chief Compliance Officers.
12/17/2012
12-53 PDF Image; Parts 43 and 45; No-Action
Time-Limited No-Action Relief from (i) Parts 43 and 45 Reporting for Prime Brokerage Transactions, and (ii) Reporting of Unique Swap Identifiers in Related Trades under Part 45 by Prime Brokers
12/12/2012
12-54 PDF Image; Section 4m(1) – CTA registration requirement; No-Action
Relief for a CTA from Section 4m(1) of the Commodity Exchange Act.
12/10/2012
12-55 PDF Image; Sections 2(a)(13)(G) and 21(b) of the Commodity Exchange Act, and § 45.4(b)(2)(ii) of the CFTC regulations; No-Action
Time-Limited No-Action Relief for Swap Dealers and Major Swap Participants From Compliance With Reporting Obligations Under 17 CFR § 45.4(b)(2)(ii).
12/17/2012
12-56 PDF Image; Sections 5b(a) and 2(h)(1)(A) of the Commodity Exchange Act and Parts 39 and 50 of Commission Regulations; No-Action
No-Action Relief for Japan Securities Clearing Corporation with Regard to Section 5b(a) of the Commodity Exchange Act and Section 2(h)(1)(A) of the Commodity Exchange Act and Implementing Regulations Thereunder.
12/18/2012
12-57 PDF Image; Commission Regulation 1.3(ggg); No-Action
Time-Limited No-Action Relief: Request that Swaps Transacted on Natural Gas Exchange Not Be Considered in Calculating Aggregate Gross Notional Amount for Purposes of Swap Dealer De Minimis Exception.
12/18/2012
12-58 PDF Image; Commission Regulation 23.431; No-Action
Request for Relief Regarding Obligation to Provide Pre-Trade Mid-Market Mark for Certain Credit Default Swaps and Interest Rate Swaps.
12/19/2012
12-59 PDF Image; Sections 2(a)(13)(G) and 21(b) of the Commodity Exchange Act, and part 45 of the CFTC regulations; No-Action
Time-Limited No-Action Relief for Swap Dealers and Major Swap Participants from the Reporting Provisions of Part 45 for CDS Clearing-Related Swaps.
12/19/2012
12-60 PDF Image; Commission Regulation 1.3(ggg); No-Action
Time-Limited No-Action Relief: Request that Certain Swaps Not Be Considered in Calculating Aggregate Gross Notional Amount for Purposes of the Swap Dealer De Minimis Exception for Persons Engaging in Floor Trader Activities.
12/20/2012
12-61 PDF Image; Commission Regulation 1.3(ggg)(4); No-Action
No-Action Relief: U.S. Bank Wholly Owned by Foreign Entity May Calculate De Minimis Threshold Without Including Activity From Its Foreign Affiliates.
12/21/2012
12-62 PDF Image; Commission Regulation 1.3(ggg); No-Action
No-Action Relief: Request that Certain Swaps Not Be Considered in Calculating Aggregate Gross Notional Amount for Purposes of the Swap Dealer De Minimis Exception for Persons Engaging in Multilateral Portfolio Compression Activities.
12/21/2012
12-63 PDF Image; Sec. 5b(a) and Sec. 4d(f)(1) of the CEA; No-Action
No-Action Relief for Singapore Exchange Derivatives Clearing Limited with Regard to Section 5b(a) and Section 4d(f) of the Commodity Exchange Act.
12/21/2012
12-64 PDF Image; Mixed swaps, Section 1a(47)(D) of the Commodity Exchange Act; No-Action
Time Limited No-Action Relief: Compo Equity Total Return Swaps.
12/21/2012
12-65 PDF Image; Part 45 and Part 46; No-Action
Time-Limited No-Action Relief from the Reporting of Certain Non-Reporting Counterparty Information Pursuant to Parts 45 and 46
12/21/2012
12-66 PDF Image; Parts 43, 45 and 46; No-Action
Relief regarding the reporting of swap transaction data.
12/21/2012
12-67 PDF Image; Parts 3 and 4 of the Commission’s Regulations; No-Action
No-Action Relief for Investment Pools Investing in Certain Securitization Vehicles Formed Prior to October 12, 2012.
12/21/2012
12-68 PDF Image; Part 4 of the Commission’s Regulations; No-Action
Temporary Registration Relief for Commodity Pool Operators and Commodity Trading Advisors that Must Register as a Result of Amended CFTC Regulation 4.5 and Rescinded CFTC Regulation 4.13(a)(4).
12/28/2012
12-69 PDF Image; Section 4k of the Commodity Exchange Act and CFTC Regulation 3.12; No-Action
Extension of Temporary Registration Relief under CFTC Staff Letter No. 12-15 for Certain Associated Persons.
12/31/2012
12-70 PDF Image; Sections 4d and 4m of the Commodity Exchange Act; No-Action; Interpretation
Relief for Certain Swap Dealers, De Minimis Dealers, Agent Affiliates, and Associated Persons from Registration as an Introducing Broker under Section 4d or a Commodity Trading Advisor under Section 4m of the Commodity Exchange Act, and Interpretation that Certain Employees of De Minimis Dealers are not an Introducing Broker as defined in Section 1a(31) of the Commodity Exchange Act.
12/31/2012
12-71 PDF Image; Commission Regulation 1.3(ggg)(4); No-Action
No-Action Relief: U.S. Bank Wholly Owned by Foreign Entity May Calculate De Minimis Threshold Without Including Activity From Its Foreign Affiliates.
12/21/2012
12-72 PDF Image; Section 4m(1) – CPO and CTA registration requirements; No-Action
The Division of Swap Dealer and Intermediary Oversight took a CPO and CTA registration no-action position with respect to a registered investment adviser that acted as the sponsor and investment manager for a pension plan group trust. Each of the plans participating in the group trust was within the categories of plans excluded under Regulation 4.5 from the “pool” definition.
06/04/2012
12-73 PDF Image; Section 5b(c)(2)(H) of the CEA, Regulation 39.17(a); No-Action
The no-action letter provides relief to a derivatives clearing organization (DCO) that is dually registered as a securities clearing agency for failure to enforce certain of its clearing member requirements. Under this relief, the DCO may waive the applicability of certain of its bylaws and rules to facilitate a transaction involving the transfer, assignment and assumption of the securities correspondent clearing business of one clearing member to another.
11/30/2012
12-74 PDF Image; Section 5b(c)(2)(H) of the CEA, Regulation 39.17(a); No-Action
The no-action letter provides an extension of previously-granted no-action relief to a derivatives clearing organization (DCO) that is dually registered as a securities clearing agency for failure to enforce certain of its clearing member requirements. Under this relief, the DCO may waive the applicability of certain of its bylaws and rules to facilitate a transaction involving the transfer, assignment and assumption of the securities correspondent clearing business of one clearing member to another.
12/18/2012
12-75 PDF Image; Parts 43, 45, & 46; No-Action
The Division of Market Oversight issued time-limited, no-action relief to Standard Chartered Bank with respect to various reporting requirements under Parts 43, 45, and 46 that Standard Chartered Bank was required to comply with as of December 31, 2012.
12/21/2012
12-76 PDF Image; Parts 43 & 45; No-Action
The Division of Market Oversight issued time-limited, no-action relief to Barclays Bank, PLC with respect to various reporting requirements under Parts 43 and 45 that Barclays Bank, PLC was required to comply with as of December 31, 2012.
12/18/2012
12-77 PDF Image; Parts 43, 45, & 46; No-Action
The Division of Market Oversight issued time-limited, no-action relief to HSBC with respect to various reporting requirements under Parts 43, 45, and 46 that HSBC was required to comply with as of December 31, 2012.
12/06/2012
12-78 PDF Image; Parts 43, 45, & 46; No-Action
The Division of Market Oversight issued time-limited, no-action relief to Deutsche Bank with respect to various reporting requirements under Parts 43, 45, and 46 that Deutsche Bank was required to comply with as of December 31, 2012.
12/27/2012
12-79 PDF Image; Parts 43, 45, & 46; No-Action
The Division of Market Oversight issued time-limited, no-action relief to Societe Generale with respect to various reporting requirements under Parts 43, 45, and 46 that Societe Generale was required to comply with as of December 31, 2012.

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