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No-Action Letters

Date
No-Action Letters
01/10/2017
17-01 PDF Image; Commodity Exchange Act section 4m(1); No-Action
No-action relief granted to an entity from registering as a CPO with respect to several commodity pools; provided, that it delegates its CPO responsibilities to a registered CPO, subject to certain conditions.
01/18/2017
17-02 PDF Image; CEA Section 4m(1); No-Action
No-action letter permitting, subject to certain conditions, the CPO of a pool comprised solely of sophisticated institutions that do not invest in the pool for the primary purpose of obtaining an investment return, but rather as part of their respective mandates to promote sustainable economic development to operate said pool without registering as a CPO.
01/26/2017
17-03 PDF Image; Regulation 22.17(b); No-Action
No-action position of DSIO with respect to withdrawals of residual interest related to margin deficits prior to required segregation computation under Commission Regulation 22.17(b).
02/01/2017
17-05 PDF Image; Section 4s(e) of the Commodity Exchange Act; CFTC Regulations 23.150-170; No-Action
CFTC staff issues time-limited no-action relief from rules on Margin for Uncleared Swaps for Swap Dealers Operating in the European Union
02/06/2017
17-06 PDF Image; § 150.4(c) Aggregation Exemption Notice Filing Requirement; No-Action
Time-Limited No-Action Relief, until 12:01 a.m. eastern standard time on August 14, 2017, from compliance with the notice filing requirements of Commission Regulation 150.4(c), as effective February 14, 2017.
02/01/2017
17-07 PDF Image; Commodity Exchange Act section 4m(1); No-Action
No-action relief granted to an entity from registering as a CPO with respect to a commodity pool; provided, that it delegates its CPO responsibilities to a registered CPO, subject to certain conditions.
02/01/2017
17-08 PDF Image; Commodity Exchange Act section 4m(1); No-Action
No-action relief granted to an entity from registering as a CPO with respect to a commodity pool; provided, that it delegates its CPO responsibilities to a registered CPO, subject to certain conditions.
02/01/2017
17-09 PDF Image; Commodity Exchange Act section 4m(1); No-Action
No-action relief granted to an entity from registering as a CPO with respect to a commodity pool; provided, that it delegates its CPO responsibilities to a registered CPO, subject to certain conditions.
02/01/2017
17-10 PDF Image; Commodity Exchange Act section 4m(1); No-Action
No-action relief granted to an entity from registering as a CPO with respect to a commodity pool; provided, that it delegates its CPO responsibilities to a registered CPO, subject to certain conditions.
02/13/2017
17-11 PDF Image; Section 4s(e) of the Commodity Exchange Act; CFTC Regulation 23.153; No-Action
CFTC Staff issues time-limited no-action relief from March 1, 2017 deadline for compliance with Regulations on Variation Margin for Uncleared Swaps
02/13/2017
17-12 PDF Image; Section 4s(e) of the Commodity Exchange Act; CFTC Regulations 23.152(b)(3) and 23.153(c); No-Action
CFTC Staff issues No-Action relief for Minimum Transfer Amount with respect to Separately Managed Accounts
02/23/2017
17-13 PDF Image; Section 4s(e) of the Commodity Exchange Act; CFTC Regulations 23.153(a) and (b); No-Action
CFTC Staff issues no-action relief to swap dealers for the timing of the posting and collection of variation margin from certain counterparties operating in Japan
02/15/2017
17-14 PDF Image; Commodity Exchange Act section 4m(1); No-Action
No-action relief granted to an entity from registering as a CPO with respect to a commodity pool; provided, that it delegates its CPO responsibilities to a registered CPO, subject to certain conditions.
02/15/2017
17-15 PDF Image; Commodity Exchange Act section 4m(1); No-Action
No-action relief granted to an entity from registering as a CPO with respect to a commodity pool; provided, that it delegates its CPO responsibilities to a registered CPO, subject to certain conditions.
03/10/2017
17-16 PDF Image; Parts 20, 45 and 46 of the Commission’s regulations; No-Action
The CFTC’s Division of Market Oversight further extends time-limited, conditional masking no-action relief provided in CFTC Letters 16-03 and 16-33 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 in certain enumerated jurisdictions, in each case subject to conditions.
03/24/2017
17-17 PDF Image; Commodity Exchange Act section 2(h)(8) and Commission 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 Letter No. 16-25 and provides relief from: (1) the requirement that a SEF obtain documents that are incorporated by reference in a confirmation issued under Commission Regulation 37.6(b) prior to issuing the confirmation; (2) the requirement that a SEF maintain such documents as records; and (3) the requirement that a SEF report terms contained in such documents that are confirmation data.
03/29/2017
17-18 PDF Image; Regulation 75.14; No-Action
No-Action Relief Regarding the Application of Commission Regulation 75.14(a) to the Provision of Clearing Services by an FCM to a Covered Fund.
04/04/2017
17-19 PDF Image; CEA Section 4m(1); No-Action
The Division of Swap Dealer and Intermediary Oversight (DSIO) granted no-action relief from commodity pool operator (CPO) registration to two entities operating collective investment vehicles to manage the assets belonging to a university, its campuses, affiliated schools, and other supporting organizations, subject to certain conditions outlined in the letter.
04/14/2017
17-21 PDF Image; Commission Regulation 39.19(c)(3)(ii); No-Action
Grant of no-action relief for Eurex Clearing AG with regard to Regulation 39.19(c)(3)(ii).
04/18/2017
17-22 PDF Image; Commission Regulations 23.150-23.159; 23.161; No-Action
Extension of time limited no-action position for swap dealers complying with European Union uncleared swap margin requirements.
05/15/2017
17-26 PDF Image; CEA Section 5b(a); No-Action
Extension of time-limited no-action relief for Shanghai Clearing House with regard to the requirement to register as a DCO in order to clear swaps for US persons.
05/30/2017
17-27 PDF Image; Commission Regulations 37.9(a)(2), 37.203, 38.152, and 38.500; No-Action
No-action relief that extends the relief provided in Letter No. 16-58 by permitting SEFs and DCMs to address clerical or operational errors that cause a swap to be rejected from clearing.
06/07/2017
17-30 PDF Image; Section 5b of the CEA and Parts 39 and 40 of the Commission’s regulations; No-Action
No-action letter for CME Clearing Europe granting relief from obligations applicable to derivatives clearing organizations (DCO) during the wind-down period preceding impending vacation of its DCO registration.
06/30/2017
17-31 PDF Image; CEA Section 2(a)(13) and 4r; and Part 43 and 45 of the CFTC Regulations; and CFTC Regulation 38.8(b); 38.10; 38.951 (in part); 39.20(b)(2); No-Action
Relief from swap reporting and recordkeeping requirements applicable to North American Derivatives Exchange, Inc. (Nadex) and Nadex’s market participants
06/30/2017
17-32 PDF Image; CEA Section 2(a)(13) and 4r; and Part 43 and 45 of the CFTC Regulations; and CFTC Regulation 38.8(b); 38.10; 38.951 (in part); 39.20(b)(2); No-Action
Relief from swap reporting and recordkeeping requirements applicable to Cantor Futures Exchange, L.P. (CX), Cantor Clearinghouse, L.P. and CX’s market participants
07/24/2017
17-34 PDF Image; Section 4s(e) of the Commodity Exchange Act; CFTC Regulations 23.150-159, 161; No-Action
CFTC Staff Issues No-Action Relief for Swap Dealers from Compliance with Commission Regulations on Margin for Uncleared Swaps with Respect to Uncleared Swaps with the European Stability Mechanism
07/25/2017
17-36 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, 23.701 to 23.704, and parts 37, 38, 43, and 50; No-Action
Extension of No-Action Relief: Transaction-Level Requirements for Non-U.S. Swap Dealers.
08/10/2017
17-37 PDF Image; CEA Section 4a and CFTC Regulation § 150.4; No-Action
The Division of Market Oversight provides time-limited no-action relief from certain aggregation requirements under its position limits regime.
07/18/2017
17-38 PDF Image; Commodity Exchange Act section 4m(1); No-Action
No-action relief granted to an entity from registering as a CPO with respect to a commodity pool; provided, that it delegates its CPO responsibilities to a registered CPO, subject to certain conditions.
07/18/2017
17-39 PDF Image; Commodity Exchange Act section 4m(1); No-Action
No-action relief granted to an entity from registering as a CPO with respect to a commodity pool; provided, that it delegates its CPO responsibilities to a registered CPO, subject to certain conditions.
07/18/2017
17-40 PDF Image; Commodity Exchange Act section 4m(1); No-Action
No-action relief granted to an entity from registering as a CPO with respect to a commodity pool; provided, that it delegates its CPO responsibilities to a registered CPO, subject to certain conditions.
07/10/2017
17-41 PDF Image; CFTC Regulation 4.7(b)(3; No-Action
Exemptive relief granted to a CPO from filing with NFA and distributing to participants annual reports for certain pools, subject to certain conditions.
07/13/2017
17-42 PDF Image; Commodity Exchange Act section 4m(1); No-Action
No-action relief granted to an entity from registering as a CPO with respect to a commodity pool; provided, that it delegates its CPO responsibilities to a registered CPO, subject to certain conditions.
09/13/2017
17-43 PDF Image; CEA Section 4m(1); No-Action
The Division of Swap Dealer and Intermediary Oversight (DSIO) granted no-action relief from commodity pool operator (CPO) and commodity trading advisor (CTA) registration to a private university operating collective investment vehicles to manage assets belonging to its endowments, graduate and professional schools, and other university supporting organizations, as well as multiple charitable planned giving accounts, subject to certain conditions outlined in the letter.
09/25/2017
17-45 PDF Image; Parts 17, 18 and 20 Commission Regulations; No-Action
Conditional time-limited no-action relief from filing certain Ownership and Control Reports (OCR) required by Parts 17, 18 and 20 of the Commission’s Regulations.
08/02/2017
17-46 PDF Image; CEA Section 4m(1); No-Action
No-action relief granted to an entity from registering as a CPO with respect to a commodity pool; provided, that it delegates its CPO responsibilities to a registered CPO, subject to certain conditions.
08/02/2017
17-47 PDF Image; CEA Section 4m(1); No-Action
No-action relief granted to two entities from registering as CPOs with respect to a commodity pool; provided, that they delegate their CPO responsibilities to a registered CPO, subject to certain conditions.
08/02/2017
17-48 PDF Image; CEA Section 4m(1); No-Action
No-action relief to an entity for its failure to register as CPO or CTA with respect to its pool holding swaps to hedge commodity market price risk involved in the pool’s ownership of interests in crude oil and natural gas producing properties.
09/22/2017
17-49 PDF Image; CEA Section 4m(1); No-Action
Subject to the conditions outlined in the letter, the Division of Swap Dealer and Intermediary Oversight (DSIO) granted no-action relief from commodity pool operator (CPO) and commodity trading advisor (CTA) registration to a group of five private universities with respect to the commingled accounts and collective investment vehicles they operate to manage assets belonging to their endowments, graduate and professional schools, and other university supporting organizations, as well as multiple charitable planned giving account structures offered to alumni and other donors.
09/19/2017
17-50 PDF Image; Commodity Exchange Act section 4m(1); No-Action
No-action relief granted to an entity from registering as a CPO with respect to a commodity pool; provided, that it delegates its CPO responsibilities to a registered CPO, subject to certain conditions.
10/27/2017
17-52 PDF Image; Section 4s(e) of the Commodity Exchange Act; CFTC Regulation 23.153; No-Action
CFTC staff issues no-action relief for swap dealers from posting and collecting variation margin when entering into swaps with certain special purpose vehicles in existence prior to March 1, 2017.
10/31/2017
17-54 PDF Image; Commission regulations 37.205(a) and (b)(2); No-Action
DMO is issuing a no-action letter which provides that, subject to certain conditions the Division will not recommend enforcement action against a swap execution facility which does not capture post-execution allocation information in its audit trail or conduct audit trail reviews of post-execution allocations.
10/31/2017
17-55 PDF Image; Sections 2(h)(8) and 5(d)(9) of the Commodity Exchange Act and Commission regulations 37.3(a)(2) and 37.9; No-Action
DMO is issuing a no-action letter that provides relief from the trade execution requirement for swap components of certain types of package transactions.
11/01/2017
17-56 PDF Image; Regulations 1.20, 1.26, and 22.5; No-Action
The Division of Clearing and Risk (DCR) granted no-action relief to derivatives clearing organization Chicago Mercantile Exchange Inc. (CME) regarding use of modified acknowledgment letters tailored to the mechanics of CME’s liquidity facility in place of the form letters required by Regulations 1.20, 1.26, and 22.5.
11/07/2017
17-57 PDF Image; Section 2(h)(1) of the Commodity Exchange Act and CFTC Regulations 50.2 and 50.4; No-Action
The Division of Clearing and Risk will not recommend that the Commission take enforcement action against Banco Centroamericano de Integración Económica (CABEI) for failure to comply with the clearing requirement of Section 2(h)(1) of the Commodity Exchange Act as implemented by Commission Regulations 50.2 and 50.4.
11/07/2017
17-58 PDF Image; Section 2(h)(1) of the Commodity Exchange Act and CFTC Regulations 50.2 and 50.4; No-Action
The Division of Clearing and Risk (DCR) will not recommend that the Commission take enforcement action against European Stability Mechanism (ESM) for failure to comply with the clearing requirement of Section 2(h)(1) of the Commodity Exchange Act as implemented by Commission Regulations 50.2 and 50.4.
11/07/2017
17-59 PDF Image; Section 2(h)(1) of the Commodity Exchange Act and CFTC Regulations 50.2 and 50.4; No-Action
The Division of Clearing and Risk (DCR) will not recommend that the Commission take enforcement action against North American Development Bank (NADB) for failure to comply with the clearing requirement of Section 2(h)(1) of the Commodity Exchange Act as implemented by Commission Regulations 50.2 and 50.4.
11/14/2017
17-60 PDF Image; Commission regulation 43.2; No-Action
DMO is issuing a no-action letter that extends relief from the requirement that block trades be executed away from a SEF.
11/20/2017
17-61 PDF Image; CFTC Regulations 37.1501(f)(2); 37.1306(d); No-Action
DMO is providing no-action relief to provide 30 additional calendar days for swap execution facilities to concurrently file their chief compliance officer annual compliance reports and fourth quarter financial reports with the Commission
11/20/2017
17-62 PDF Image; CEA Section 5b(a) and the Commission regulations thereunder; No-Action
Extension of time-limited no-action relief for Shanghai Clearing House with regard to Section 5b(a) of the Commodity Exchange Act and Commission Regulations thereunder