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No-Action Letters

Date
No-Action 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.
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.
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.
02/12/2014
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
02/20/2014
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
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.
03/21/2014
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
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
14-41 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.
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
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.
04/23/2014
14-55 PDF Image; Commission Regulations 1.20(g)(4), 39.11(e)(2), and 39.19(c)(1); No-Action
No-action relief regarding format of acknowledgment letters and format and content of daily reports for DCO winding down operations in anticipation of vacating its DCO registration.
04/11/2014
14-57 PDF Image; Regulations 3.4 and 140.99, Section 6m of the Commodity Exchange Act; No-Action
The investment manager of a cash collateralized loan obligation (CLO) transaction requested, and DSIO granted pursuant to Regulation 140.99, a no action position from DSIO that it would not recommend that the Commission commence an enforcement action for its failure to register as a commodity trading advisor with respect to the advice provided to the CLO.
04/25/2014
14-60 PDF Image; Commission Regulation 1.35(a); No-Action
Time-Limited No-Action Relief for Certain Members of Swap Execution Facilities and Designated Contract Markets from the Requirement to Record Oral Communications, Pursuant to Commission Regulation 1.35(a), in Connection with the Execution of Swap Transactions
05/01/2014
14-62 PDF Image; CEA §2(h)(8), CEA §5(d)(9), Commission Regulations §§37.9, 37.203(a) and 38.152.; No-Action
DMO and DCR issued no-action relief, providing the phased-in compliance for package transactions which include at least one swap that has been made available to trade and is therefore subject to the trade execution requirement as well as no-action relief for the clearing of package transactions.
04/08/2014
14-67 PDF Image; 1.3(xxx), 140.99; No-Action
An insurance company requested no-action relief from the Division, in order to allow the company to provide reinsurance of pension plans’ longevity risks through multi-step “Interposed Longevity Reinsurance Transactions,” without such reinsurance being considered as insurance or a guarantee of a swap. Based on the company’s specific fact pattern, the Division found that the use of derivatives in the Interposed Longevity Reinsurance Transaction serves merely as a conduit for longevity risk coverage and payments made pursuant to a bona fide reinsurance transaction. Therefore, the Division agreed not to recommend that the Commission take an enforcement action against the insurance company on the basis that, under this specific fact pattern, the reinsurance of longevity risk is or should be characterized as a swap, as insurance of a swap or a guarantee of a swap, or that the insurance company is a provider of, a party to, guarantor of, or insurer of, a swap.
05/07/2014
14-68 PDF Image; Sections 5b(a) and 2(h)(1)(A) of the Commodity Exchange Act and implementing regulations thereunder; No-Action
Time-limited no-action relief for OTC Clearing Hong Kong Limited with regard to Sections 5b(a) and 2(h)(1)(A) of the Commodity Exchange Act and implementing regulations thereunder.
05/14/2014
14-70 PDF Image; CEA section 5h(a)(1); Commission Regulation 37.3(a)(1); No-Action
Extension of conditional 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).
05/16/2014
14-71 PDF Image; 4m(1) of the Act; Registration as a Commodity Pool Operator; No-Action
The Division of Swap Dealer and Intermediary Oversight granted no-action relief from the requirement to register as a commodity pool operator to a Delegating CPO that requested the relief in accordance with the streamlined approach described in CFTC Staff Letter No. 14-69.
05/22/2014
14-72 PDF Image; Commission Regulation 1.35(a); No-Action
Time-Limited No-Action Relief for Members of Designated Contract Markets and Swap Execution Facilities that Are Not Registered with the Commission from the Requirement to Record Written Communications, Pursuant to Commission Regulation 1.35(a), in Connection with the Execution of a Transaction in a Commodity Interest and Related Cash or Forward Transactions
05/30/2014
14-73 PDF Image; Commission Regulation 23.600; No-Action
Time-limited no-action relief from compliance with the quarterly risk reporting requirement under Regulation 23.600(c)(2) for any fiscal quarters ending on or before July 31, 2014.
06/04/2014
14-74 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
06/02/2014
14-75 PDF Image; CEA Section 4m(1); Registration as a Commodity Pool Operator; No-Action
The Division of Swap Dealer and Intermediary Oversight issued a number of letters granting no-action relief from the requirement to register as a commodity pool operator to Delegating CPOs that requested the relief in accordance with the streamlined approach described in CFTC Staff Letter No. 14-69.
06/25/2014
14-85 PDF Image; CEA 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.
06/25/2014
14-86 PDF Image; CEA Sections 5b(a) and 5(d)(11)(A); 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.
06/26/2014
14-87 PDF Image; Section 5b(a) of the Commodity Exchange Act; No-Action
Time-limited no-action relief for Korea Exchange, Inc. with regard to Section 5b(a) of the Commodity Exchange Act and Commission Regulations thereunder.
06/25/2014
14-88 PDF Image; Regulations 1.20, 22.2, 30.7; No-Action
Extension of Time-Limited No-Action relief from compliance with certain conditions associated with the receipt of customer funds by FCMs.
06/27/2014
14-89 PDF Image; Parts 20, 45 and 46; No-Action
Time-Limited Extension of the No-Action Relief Provided in CFTC Letter No. 13-41 regarding the reporting of identifying information under Parts 20, 45 and 46.
06/30/2014
14-90 PDF Image; Part 45.4; No-Action
Extension of no-action relief granted by DMO on June 26, 2013 to SD and MSP reporting counterparties for cleared swaps from valuation data reporting required in section 45.4(b)(2)(ii) of the Commission’s regulations.
07/10/2014
14-91 PDF Image; Commission Regulations 1.20(d)(3)(i) and (ii), 1.26, 22.5, 30.7(d)(3)(i) and (ii); No-Action
DSIO is issuing a no-action letter providing additional time for futures commission merchants (FCMs) to comply with Commission regulations requiring FCMs to obtain acknowledgement letters from certain depositories. DSIO will provide no-action relief until October 17, 2014.
07/08/2014
14-92 PDF Image; Regulations 1.20(d) and 22.5(a); No-Action
Time-limited no-action relief for the Chicago Mercantile Exchange, Inc. with regard to Regulations 1.20(d) and 22.5(a).
07/10/2014
14-93 PDF Image; Regulation 1.20(g)(4); No-Action
Time-limited no-action relief for ICE Clear Europe Limited with regard to Regulation 1.20(g)(4).
07/10/2014
14-94 PDF Image; Regulations 1.20(g)(4) and 22.5; No-Action
Time-limited no-action relief for LCH.Clearnet Limited with regard to Regulations 1.20(g)(4) and 22.5.
07/23/2014
14-95 PDF Image; Parts 17, 18 and 20 of the Commission’s Regulations; No-Action
The Division of Market Oversight (DMO) is issuing a no-action letter that provides additional time for reporting parties to comply with certain reporting requirements of the ownership and control final rule, which was published in the Federal Register on November 18, 2013.
07/25/2014
14-96 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.
06/20/2014
14-104 PDF Image; CEA Section 4m(1); No-Action
Two families, whose patriarchs have been business partners of a large, publicly traded U.S. retailer since the company’s founding over forty years ago, requested no-action relief from CPO registration on behalf of the families, the S corporation founded solely to provide services to the families, and the S corporation’s employees, with regard to funds operated by the families that may invest in commodity interests. Based on the facts presented, including the longstanding business and personal relationships between the families, the Division granted the requested no-action relief from CPO registration.
08/11/2014
14-105 PDF Image; CEA section 5h(a)(1); Commission Regulation 37.3(a)(1); No-Action
Extension of conditional 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) until November 15, 2014.
08/18/2014
14-106 PDF Image; Regulations 1.20(d) and 22.5(a); No-Action
No-action relief for the Chicago Mercantile Exchange, Inc. with regard to Regulations 1.20(d) and 22.5(a).
08/18/2014
14-107 PDF Image; Section 5b(a) of the Commodity Exchange Act and implementing regulations thereunder; No-Action
Time-limited no-action relief for the Clearing Corporation of India Ltd. with regard to Section 5b(a) of the Commodity Exchange Act and implementing regulations thereunder.
08/18/2014
14-108 PDF Image; Commission regulations 37.6(b) and 45.2(a); No-Action
Time-limited no-action relief granted by DMO to swap execution facilities (SEFs) for incorporating by reference previously-negotiated freestanding agreements into SEF-generated confirmations for uncleared swap transactions, executed on or pursuant to the rules of a SEF, without the SEF receiving the freestanding agreements prior to execution or maintaining them afterwards, as required in sections 36.7(b) and 45.2(a) of the Commission’s regulations.
08/22/2014
14-109 PDF Image; Section 4(c)(6); No-Action
Extension of Time-Limited No-Action Relief with Respect to Certain Commodity Exchange Act Provisions That May Apply to Southwest Power Pool, Inc. and/or Its Participants

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