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No-Action Letters

Date
No-Action Letters
03/18/2013
13-01 PDF Image; Section 2(h) of the CEA; No-Action
No-Action Relief from Required Clearing for Swaps Resulting from Multilateral Portfolio Compression Exercises
03/20/2013
13-02 PDF Image; Section 2(h) of the CEA; No-Action
No-Action Relief from Required Clearing for Partial Novation and Partial Termination of Swaps
03/28/2013
13-03 PDF Image; Commission Regulation 3.3; No-Action
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.
03/29/2013
13-04 PDF Image; Sections 4d and 4m of the Commodity Exchange Act; No-Action
Relief for Additional Agent Affiliates from Registration as an Introducing Broker under Section 4d or a Commodity Trading Advisor under Section 4m of the Commodity Exchange Act.
03/29/2013
13-05 PDF Image; Section 4(c)(6); No-Action
Extension of Staff No-Action Relief with Respect to Certain CEA Provisions That May Apply to Certain RTOs, ISOs, and/or Their Participants.
03/30/2013
13-06 PDF Image; Commission Regulations 23.201, 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.
03/29/2013
13-07 PDF Image; Part 4; No-Action
Time-Limited No-Action Relief for Securitization Vehicles Regarding Compliance with Part 4 of the Commission’s Regulations.
04/05/2013
13-08 PDF Image; Regulation 32.2, 32.3; No-Action
Staff No-Action Relief from the Reporting Requirements of § 32.3(b)(1) of the Commission’s Regulations, and Certain Recordkeeping Requirements of § 32.3(b), for End Users Eligible for the Trade Option Exemption.
04/05/2013
13-09 PDF Image; Parts 45, 46, and 50; No-Action
No-Action Relief for Swaps Between Affiliated Counterparties That Are Neither Swap Dealers Nor Major Swap Participants from Certain Swap Data Reporting Requirements Under Parts 45, 46, and Regulation 50.50(b) of the Commission’s Regulations.
04/09/2013
13-10 PDF Image; Parts 43, 45 and 46 of the CFTC’s regulations; No-Action
Time-Limited No-Action Relief for Swap Counterparties that are not Swap Dealers or Major Swap Participants, from Certain Swap Data Reporting Requirements of Parts 43, 45 and 46 of the Commission’s Regulations.
04/30/2013
13-11 PDF Image; Part 23, Subpart H, of the Commission’s Regulations; No-Action
Time Limited Relief for Swap Dealers in Connection with Prime Brokerage Arrangements.
05/01/2013
13-12 PDF Image; Commission Regulation 23.431; No-Action
Relief for Swap Dealers and Major Swap Participants Regarding the Obligation to Provide Certain Disclosures for Certain Transactions Under Regulation 23.431.
05/02/2013
13-13 PDF Image; Part 23, Subpart H, of the Commission’s Regulations; No-Action
Time-Limited Relief for Swap Dealers and Major Swap Participants from Compliance with Business Conduct Standards in Foreign Exchange Transactions with a Settlement Cycle of No More than Seven Local Business Days.
05/08/2013
13-14 PDF Image; Regulation 19.02; Advisories; No-Action; Other Written Communication
No-Action Relief with Respect to Email as an Accepted Form of Transmitting Form 304 Reports for Call Cotton.
03/13/2013
13-17 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 partners of two commodity pools 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 pools instead, where, among other things: (1) the general partners and the designee are under common ownership and control; (2) the general partners have delegated all of their management authority to the designee; (3) the general partners do not engage in the solicitation of investors for the pools and do not manage property of the pools; and (4) each of the general partners and the designee executed and submitted to the Division a written acknowledgement by which they undertake joint and several liability for any violation of the Act or the Commission’s regulations.
03/13/2013
13-18 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 partners of two commodity pools 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 pools instead, where, among other things: (1) the general partners and the designee are under common ownership and control; (2) the general partners have delegated all of their management authority to the designee; (3) the general partners do not engage in the solicitation of investors for the pools and do not manage property of the pools; and (4) each of the general partners and the designee executed and submitted to the Division a written acknowledgement by which they undertake joint and several liability for any violation of the Act or the Commission’s regulations.
03/13/2013
13-19 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 by which they undertake joint and several liability for any violation of the Act or the Commission’s regulations.
03/13/2013
13-20 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 managing member of a commodity pool from registering as a CPO under Section 4m(1) of the Commodity Exchange Act, and allowed an affiliate (“designee”) to serve as the CPO of the pool instead, where, among other things: (1) the managing member and the designee are under common ownership and control; (2) the managing member has delegated all of its management authority to the designee; (3) the managing member does not engage in the solicitation of investors for the pool and does not manage property of the pool; and (4) the managing member and designee executed and submitted to the Division a written acknowledgement by which they undertake joint and several liability for any violation of the Act or the Commission’s regulations. The relief was subject to the conditions that the designee becomes and remains registered as a CPO and serves as CPO of the pool.
06/04/2013
13-22 PDF Image; Section 2(h)(1) of the CEA; No-Action
No-Action Relief from the Required Clearing for Swaps Entered Into By Eligible Treasury Affiliates.
06/07/2013
13-24 PDF Image; Section 2(h)(1)(A) of the CEA and Commission Regulations 50.2 and 50.4; No-Action
Time-Limited No-Action Relief from the Clearing Requirement for Swaps Entered into by Cooperatives.
06/10/2013
13-25 PDF Image; Section 2(h)(1) of the Commodity Exchange Act and CFTC Regulations 50.2 and 50.4; No-Action
No-Action Relief for Corporación Andina de Fomento from the Swap Clearing Requirement in Section 2(h)(1) of the Commodity Exchange Act and Commission Regulations 50.2 and 50.4.
06/10/2013
13-26 PDF Image; Section 2(j) of the Commodity Exchange Act and CFTC Regulation 50.50(b)(1)(iii)(D)(2); No-Action
Time-Limited No-Action Relief for Certain Banks Having Assets of Less than $10 billion from the Board Approval Requirement of Section 2(j) of the CEA and the End-User Exception to the Clearing Requirement (§ 50.50(b)(1)(iii)(D)(2)).
06/17/2013
13-28 PDF Image; CEA sections 2(d), 2(e), 2(g), 2(h), 5d; No-Action
Staff No-Action Relief: Extension of the Regulatory Status Quo Established with Respect to Certain Transactions by the Commission’s Second Amendment to the July 14, 2011 Order for Swap Regulation.
06/21/2013
13-29 PDF Image; Commission Regulations 3.12; No-Action
No-Action Relief: Alternative to Fingerprinting to Establish Fitness of Associated Persons Residing Outside the United States.
06/21/2013
13-30 PDF Image; Section 2(h)(1)(A) of the CEA and Commission Regulations 50.2 and 50.4; No-Action
Extension of Time-Limited No-Action Relief from the Clearing Requirement for Swaps Entered into by Cooperatives.
06/26/2013
13-31 PDF Image; Commission Regulation 23.502; No-Action
The Division of Swap Dealer and Intermediary Oversight (DSIO) issued a no-action letter stating that it will not recommend an enforcement action against an SD or MSP that omits certain "Excluded Data Fields" from the portfolio reconciliation process required under Regulation 23.502.
06/26/2013
13-32 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.
06/26/2013
13-33 PDF Image; Commission Regulations 23.402, 23.430, 23.431, 23.432, 23.434, 23.440, 23.450, 23.451, 23.504; No-Action
No-Action Relief: Swaps Intended to be Cleared
06/26/2013
13-34 PDF Image; §45.4(b)(2)(ii); No-Action
Extension of 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).
06/27/2013
13-35 PDF Image; Part 43 and Part 45: Specified subsections of §§ 43.3(a); 43.4(a); Appendix A to Part 43; 45.3(b); 45.3(c); 45.3(d); 45.4(c); Appendix 1 to Part 45; No-Action
Additional 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.
06/27/2013
13-36 PDF Image; § 45.3; No-Action
Extension of Time-Limited No-Action Relief for Swap Dealers and Major Swap Participants from the Reporting Requirements of Part 45 for CDS Clearing-Related Swaps.
06/27/2013
13-37 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 (“SD”) De Minimis Exception for Persons Engaging in Floor Trader Activities.
06/27/2013
13-38 PDF Image; Commission Regulation 23.504; No-Action
Time-Limited No-Action Relief Regarding Certain Documentation Requirements for Swap Dealers (“SDs”) and Major Swap Participants (“MSPs”) with Foreign Exchange Counterparties.
06/27/2013
13-39 PDF Image; Part 23, Subpart H, of the Commission’s Regulations; No-Action
The Division of Swap Dealer and Intermediary Oversight issued a no-action letter that provides swap dealers with relief from certain External Business Conduct Standards rules in the context of foreign exchange intermediated prime brokerage arrangements.
06/27/2013
13-40 PDF Image; Commission Regulation 23.502; No-Action
The Division of Swap Dealer and Intermediary Oversight issued a time-limited no-action letter that grants relief to all swap dealers and major swap participants from the portfolio reconciliation requirements of Regulation 23.502 until August 23, 2013.
06/28/2013
13-41 PDF Image; Parts 20, 45 and 46; No-Action
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, with respect to certain Enumerated Jurisdictions.
07/11/2013
13-43 PDF Image; Sections 5b(a) and 2(h)(1)(A) of the Act and implementing regulations thereunder; No-Action
No-Action Relief for LCH.Clearnet with Regard to Sections 5b(a) and 2(h)(1)(A) of the Commodity Exchange Act and Implementing Regulations Thereunder.
07/11/2013
13-44 PDF Image; Sections 5b(a) and 2(h)(1)(A) of the Act and implementing regulations thereunder; No-Action
No-Action Relief for Eurex Clearing AG with Regard to Sections 5b(a) and 2(h)(1)(A) of the Commodity Exchange Act and Implementing Regulations Thereunder.
07/11/2013
13-45 PDF Image; Part 23, Subpart I, of the Commission’s Regulations; No-Action
No-Action Relief for Registered Swap Dealers and Major Swap Participants from Certain Requirements under Subpart I of Part 23 of Commission Regulations in Connection with Uncleared Swaps Subject to Risk Mitigation Techniques under EMIR.
07/11/2013
13-46 PDF Image; Sections 5 and 5a of the Act; No-Action
Amendment to the Direct Access No-Action Letters Issued to Foreign Boards of Trade to Permit Swaps to be Listed for Trading by Direct Access.
07/19/2013
13-47 PDF Image; Section 2(h)(1)(A) of the CEA and Commission Regulations 50.2 and 50.4; No-Action
Extension of Time-Limited No-Action Relief from the Clearing Requirement for Swaps Entered into by Cooperatives.
08/06/2013
13-48 PDF Image; Part 43; No-Action
Letter 13-48 grants relief from grants relief from the aggregation prohibition in § 43.6(h)(6) for certain commodity trading advisors (“CTAs”) and investment advisors (“IAs”) with respect to large notional off-facility swaps. The no-action letter provides that until October 1, 2013 at 11:59 pm EST, the Division will not recommend that the Commission take enforcement action against CTAs and IAs that aggregate orders for the purpose of executing large notional off-facility swaps, provided they meet specified conditions. The letter also grants relief from the aggregation prohibition in § 43.6(h)(6), for CTAs and IAs, subject to similar conditions as laid out in §43.6(h)(6), aggregating orders for swaps that are not listed on a swap execution facility (“SEF”) or a designated contract market (“DCM”). This letter has been amended from the original version that was issued on July 30, 2013.
08/13/2013
13-49 PDF Image; Section 2(h)(1)(A) of the CEA and Commission Regulations 50.2 and 50.4; No-Action
Time-Limited No-Action Relief from the Clearing Requirement for Swaps Entered into by Cooperatives.
08/23/2013
13-50 PDF Image; Commission Regulation 23.502; No-Action
The Division of Swap Dealer and Intermediary Oversight (DSIO) issued a no-action letter stating that the Division will not recommend that the Commission take an enforcement action against an SD or MSP for failure to comply, prior to September 15, 2013, with Regulation 23.502, provided that the SD or MSP intends to rely upon – and be compliant with – the EMIR portfolio reconciliation rules, beginning on September 15, 2013, and otherwise satisfies the conditions set forth in CFTC Letter No. 13-45 Corrected.
09/05/2013
13-51 PDF Image; Regulations 4.22 and 4.27; No-Action
Division of Swap Dealer and Intermediary Oversight issued a no-action letter stating that it will not recommend that the Commission take enforcement action against commodity pool operators of registered funds for failure to provide a separate report for their controlled foreign corporations to the National Futures Association pursuant to Commission regulation 4.27(c) and a separate annual report for their controlled foreign corporations to the National Futures Association pursuant to Commission regulation 4.22(c); provided that such commodity pool operators consolidate the reporting for the controlled foreign corporations under Commission regulations 4.27(c) and 4.22(c) with those of the registered fund.
09/23/2013
13-52 PDF Image; Section 5b(a) of the CEA; No-Action
The Division of Clearing and Risk (DCR) issued a letter stating that it will not recommend that the Commission take enforcement action against LCH.Clearnet Ltd (LCH) for clearing certain swaps (DCM/SEF Swaps) executed on, or subject to the rules of, designated contract markets or swap execution facilities, and will not recommend enforcement action against LCH’s clearing members for clearing DCM/SEF Swaps through LCH. This relief will be effective until the earlier of (1) March 31, 2014, or (2) the date upon which the Commission approves or denies LCH’s application for an amended DCO registration order to permit it to clear DCM/SEF Swaps.
09/27/2013
13-53 PDF Image; Sections 5b(a) and 5(d)(11)(A) of the Act; Commission Regulation 38.601; No-Action
No-Action Relief for LCH.Clearnet Ltd with Regard to Clearing Futures and Options on Futures Executed on Nodal Exchange.
09/27/2013
13-54 PDF Image; Regulation 40.2(a)(2); No-Action
No-Action Relief for Nodal Exchange, LLC with Regard to Commission Regulation 40.2(a)(2).
09/27/2013
13-55 PDF Image; Parts 43 and 45 of the Commission’s Regulations; No-Action
Time-Limited No-Action Relief for Temporarily Registered Swap Execution Facilities from Certain Swap Data Reporting Requirements of Parts 43 and 45 of the Commission’s Regulations.
09/27/2013
13-56 PDF Image; Section 45.4 of the Commission’s Regulations; No-Action
Time Limited No-Action Relief for Reporting Counterparties from Certain Continuation Data Reporting Requirements of Section 45.4 of the Commission’s Regulations with respect to Uncleared Swaps Executed on or Pursuant to the Rules of a Temporarily Registered Swap Execution Facility.
09/27/2013
13-57 PDF Image; Commission Regulations 37.200(a), 37.200(b), 37.201(b)(1), 37.201(b)(3), 37.201(b)(5), 37.202(b) and 37.203; No-Action
Time-Limited No-Action Relief for Temporarily Registered Swap Execution Facilities from Enforcement Responsibilities Under Commission Regulations 37.200(a), 37.200(b), 37.201(b)(1), 37.201(b)(3), 37.201(b)(5), 37.202(b) and 37.203 with respect to market participants trading on those SEFs.
09/30/2013
13-58 PDF Image; 37.6(b); No-Action
Time-Limited No-Action Relief to Temporarily Registered Swap Execution Facilities from Commission Regulation 37.6(b) for Non-Cleared Swaps in All Asset Classes.
09/30/2013
13-59 PDF Image; CEA section 5h(a)(1); Commission Regulation 37.3(a)(1); No-Action
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).
09/30/2013
13-60 PDF Image; Commission regulation 40.2(a)(2); No-Action
Time-Limited No-Action Relief for Swap Execution Facilities and Designated Contract Markets from the One Business Day Product Review Period Requirement of Commission Regulation 40.2(a)(2) for Newly-Listed Swap Products.
09/30/2013
13-61 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. This letter extends the time-limited relief previously provided by DSIO in CFTC Letter Nos. 13-37 and 12-60.
09/30/2013
13-62 PDF Image; Rules 1.73(a)(2)(i)-(ii), 37.702(b); No-Action
Additionally, in order for a SEF to avail itself of the no-action relief, the SEF must submit to the Commission by October 10, 2013:

(1) Pursuant to Commission Regulation 40.6, any rule amendments that are necessary for full compliance with Commission Regulation 37.702(b), and any rule amendments that are necessary to facilitate full compliance with Commission Regulation 1.73(a)(2)(i) and (a)(2)(ii), in accordance with the guidance issued by the Divisions on September 26, 2013 (Staff Guidance); and

(2) A written representation that the SEF is undertaking all steps necessary to fully comply with Commission Regulation 37.702(b), and is undertaking all steps necessary to facilitate full compliance with Commission Regulation 1.73(a)(2)(i) and (a)(2)(ii), in accordance with the Staff Guidance.
10/17/2013
13-63 PDF Image; CEA section 5h(a)(1); Commission Regulation 37.3(a)(1); No-Action
Time-Limited No-Action Relief for LatAm SEF, LLC from the Registration Requirements of Section 5h(a)(1) of the Commodity Exchange Act and Commission Regulation 37.3(a)(1).
10/17/2013
13-64 PDF Image; Commission Regulation 1.3(ggg); No-Action
No-Action Relief: Certain Swaps by Non-U.S. Persons that are Not Guaranteed or Conduit Affiliates of a U.S. Person Not to be Considered in Calculating Aggregate Gross Notional Amount for Purposes of Swap Dealer De Minimis Exception.
10/17/2013
13-65 PDF Image; CEA section 5h(a)(1); Commission Regulation 37.3(a)(1; No-Action
Time-Limited No-Action Relief for GTX SEF LLC from the Registration Requirements of Section 5h(a)(1) of the Commodity Exchange Act and Commission Regulation 37.3(a)(1).
10/25/2013
13-66 PDF Image; Rules 37.9(a)(2), 37.203(a); No-Action
Time-Limited No-Action Relief for (1) Futures Commission Merchants from Requirement to Comply with Commission Regulations 1.73(a)(2)(i) and (a)(2)(ii); and (2) Temporarily Registered Swap Execution Facilities from Requirement to Comply with Commission Regulation 37.702(b).
10/30/2013
13-67 PDF Image; CEA section 5h(a)(1); Commission Regulation 37.3(a)(1); No-Action
The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (DMO) today announced the issuance of a no-action letter extending time-limited relief for Australian-based trading platform Yieldbroker Pty Limited (Yieldbroker). DMO will not recommend that the Commission take enforcement action against Yieldbroker for failure to register as a swap execution facility (SEF) under section 5h(a)(1) of the Commodity Exchange Act (Act) or Commission Regulation 37.3(a)(1), or against any market participants for use of, or other relationships with, Yieldbroker, for an additional period expiring on December 1, 2013. This letter extends the time-limited relief previously provided by DMO in CFTC Letter No. 13-59, which was issued on September 30, 2013. Yieldbroker is licensed as an exchange under an Australian Market License (AML) and is regulated by the Australian Securities and Investment Commission (ASIC). Yieldbroker operates a multilateral trading platform in Australia which brings together multiple third-party buying and selling interests in swaps. Yieldbroker currently permits direct access to U.S. persons to transact in swaps on its platform. On September 27, 2013, Yieldbroker provided DMO with a confidential draft SEF application, which DMO is in the process of reviewing. Yieldbroker, DMO and ASIC staff are engaged in discussions regarding an arrangement whereby Yieldbroker would register with the Commission as a SEF while maintaining its AML. Such an arrangement would include Yieldbroker’s provision of an order book, a sufficient level of pre- and post-trade price transparency, non-discriminatory access by market participants, and an appropriate level of self-regulatory oversight. In addition, Commission staff and ASIC staff are developing an arrangement that provides for information sharing and other cooperation with respect to Yieldbroker.
11/01/2013
13-68 PDF Image; Parts 37, 43 and 45 of the Commission’s Regulations; No-Action
CFTC’s Division of Market Oversight Issues Extension of Certain Time-Limited No-Action Relief Regarding Swap Execution Facilities Provided by CFTC No-Action Letter Nos. 13-55 (amended), 13-56 and 13-58 for Swaps in the Foreign Exchange Asset Class.
11/15/2013
13-70 PDF Image; Commission Regulations 23.402, 23.430, 23.431, 23.432, 23.434, 23.440, 23.450, 23.451, and 23.504; No-Action
The Division of Swap Dealer and Intermediary Oversight (DSIO) issued a no-action letter that provides relief for certain regulatory obligations of SDs and MSPs in the context of an “Intended-To-Be-Cleared Swap,” which, as defined in the letter, is a swap that is: (i) of a type accepted for clearing by a DCO, and (ii) intended to be submitted for clearing contemporaneously with execution. The relief extends to certain requirements under the External BCS and Commission Regulation 23.504, subject to the conditions and limitations set forth in the letter. This letter supersedes Letter No. 13-33, and states that no person may rely upon the relief provided in Letter No. 13-33 after November 15, 2013.
11/26/2013
13-71 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
Time-limited no-action relief for Non-U.S. SDs with respect to compliance with Transaction-Level Requirements when entering into Covered Transactions, until January 14, 2014.
12/18/2013
13-72 PDF Image; Commission Regulation 1.35(a)(1); No-Action
No-action relief for certain branch office operations of CHS Hedging, Inc. and MID-CO Commodities, Inc. with regard to the oral recording requirements of Regulation 1.35(a)(1).
12/19/2013
13-73 PDF Image; Commodity Exchange Act sections 2(h)(1)(A) and 5b(a); No-Action
Extension of a Time-Limited No-Action Relief to Japan Securities Clearing Corporation and Its Qualifying Participants and Affiliates concerning Sections 5b(a) and 2(h)(1)(A) of the Commodity Exchange Act.
12/20/2013
13-74 PDF Image; Sec. 4d(f)(1) 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 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 SGX-DC for engaging in activities related to its clearing members carrying and accepting for clearing such positions for U.S. customers.
12/20/2013
13-75 PDF Image; Part 45 and Part 46 of the Commission’s regulations; No-Action
CFTC’s Division of Market Oversight Issues Time-Limited No-Action Relief from Certain Requirements of Part 45 and Part 46 of the Commission’s Regulations, for Certain Swap Dealers and Major Swap Participants Established under the Laws of Australia, Canada, the European Union, Japan or Switzerland.
12/20/2013
13-76 PDF Image; CEA section 5h(a)(1); Commission Regulation 37.3(a)(1); No-Action
Conditional Time-Limited No-Action Relief for Yieldbroker Pty Ltd with Regard to Section 5h(a)(1) of the Commodity Exchange Act and Commission Regulation 37.3(a)(1).
12/20/2013
13-77 PDF Image; Commission Regulation 1.35(a); No-Action
Time-Limited No-Action Relief for Certain Members of Swap Execution Facilities from the Requirement to Record Oral Communications Pursuant to Commission Regulation 1.35(a).
12/20/2013
13-78 PDF Image; Commission Regulations 23.600(c)(2), 23.608, and 23.609; No-Action
Time-Limited No-Action Letter from Certain Entity-Level Internal Business Conduct Requirements for Certain Swap Dealers and Major Swap Participants Established under the Laws of Australia, Canada, the European Union, Japan, and Switzerland.
12/23/2013
13-80 PDF Image; Commission Regulation 1.3(ggg); No-Action
No-Action Relief from Certain Conditions of the Swap Dealer Exclusion for Registered Floor Traders
12/23/2013
13-81 PDF Image; Part 37 of the CFTC’s regulations; No-Action
The CFTC’s Division of Market Oversight has issued a no-action letter providing relief to swap execution facilities (SEFs) that provide basis risk mitigation services for required transactions for failure to comply with the execution methods required under Part 37.9(a)(2) of the Commission’s regulations.
12/23/2013
13-82 PDF Image; Commission Regulation 1.10 and 1.17; No-Action
No-action relief for certain Introducing Brokers from filing certified and unaudited financial statements and calculating capital under regulation 1.17.
12/20/2013
13-83 PDF Image; Commission Regulation 1.3(ggg); No-Action
Time-Limited No-Action Relief from Certain Regulations Applicable to Swap Dealers During Pendency of De-Registration Application
12/30/2013
13-84 PDF Image; Commission Regulation 3.3(f); No-Action
Time-Limited No-Action Relief for Futures Commission Merchants, Swap Dealers, and Major Swap Participants from Compliance with the Timing Requirements of Commission Regulation 3.3(f)(2) Relating to Annual Reports by Chief Compliance Officers
12/30/2013
13-85 PDF Image; Commission Regulation 3.3(f); No-Action
Time-Limited No-Action Relief for Certain Swap Dealers from Compliance with the Requirements of Commission Regulation 3.3 Relating to Annual Reports by Chief Compliance Officers
12/31/2013
13-86 PDF Image; Parts 37 and 45 of the CFTC’s regulations; No-Action
The CFTC’s Division of Market Oversight has issued a no-action letter in connection with certain CDS trades executed pursuant to a DCO’s CDS Settlement Price Process, providing time-limited no-action relief to DCOs and their Clearing Members from the SEF Registration Requirement and Trading Mandate under Part 37, and from various reporting requirements under Part 45, allowing the DCO to fulfill the Reporting Counterparty’s Obligations.
12/31/2013
13-87 PDF Image; 17 CFR 39.33(c), 40.10; No-Action
To give the Commission sufficient time to review the Chicago Mercantile Exchange, Inc.’s proposed rule changes to comply with Regulation 39.33(c), which were filed on December 19, 2013, the staff of the Division of Clearing and Risk issued a letter to Chicago Mercantile Exchange, Inc. for time limited no-action relief for failing to comply with such regulation.
03/29/2013
13-88 PDF Image; CEA Section 4m(1); No-Action
No action relief to an entity and its affiliates for their failure to register as CPOs of pools holding volume production payment instruments, which issue debt or debt-like instruments, and which use swaps to hedge commodity market risk and interest rate exposure.

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