CFTC Staff Letters

CFTC Staff Letters provides Letters from 2008 and later. For Letters published before 2008 visit the Letters Archive page.

PDF Description
PDF Image 22-02 Letter Type: No-Action
Division: MPD
Regulation Parts: 23.105
Tags: Annual Report, Financial Reports, SD, Swap Dealer
Issuance Date:
Description:

No-Action Relief permitting certain Foreign-Based SD to File Annual Financial Reports pursuant to Regulation 23.105(e) in Accordance with Singapore Financial Reporting Standards (Morgan Stanley - J. Aron Singapore Accounting No-Action Relief Request)


PDF Image 22-01 Letter Type: No-Action
Division: MPD
Regulation Parts: 23.105
Tags: Annual Report, Financial Reports, SD, Swap Dealer
Issuance Date:
Description:

No-Action Position for Foreign-Based SD to File Annual Financial Reports in Accordance with Australian Accounting Standards Board (Goldman Sachs No-Action Relief Request)


PDF Image 21-31 Letter Type: No-Action
Division: DCR
Regulation Parts: 39.19
Tags: DCO, Reporting
Issuance Date:
Description:

DCR is extending through June 27, 2022 temporary no-action relief for registered derivatives clearing organizations (DCOs) from the amended daily reporting requirements in CFTC Regulation 39.19(c)(1), so long as DCOs continue to comply with the prior version of the regulation. DCR also is extending through January 27, 2023 relief from the amended reporting requirements in Regulation 39.19(c)(1)(i)(B) and (C), so long as DCOs continue to comply with the prior version of the regulation.


PDF Image 21-30 Letter Type: No-Action
Division: DOD
Regulation Parts: 43.3, 45.4
Tags: Reporting, Swap, Swap Data, LIBOR, IBOR
Issuance Date:
Description:

DOD is taking a no-action position with respect to certain Part 43 and Part 45 swap reporting obligations for swaps transitioning under the ISDA LIBOR fallback provisions from referencing certain London Interbank Offered Rates (LIBORs) to referencing risk-free rates (RFRs) following the cessation or non-representativeness of those LIBORs on December 31, 2021. (ARRC No-Action Relief Request)


PDF Image 21-29 Letter Type: No-Action
Division: DCR
Regulation Parts: 39.13
Tags: Risk Management, Separate Accounts
Issuance Date:
Description:

DCR and MPD are further extending the time limit for conditional, time-limited no-action relief from 39.13(g)(8)(iii), first issued in Letter 19-17 and extended in Letter 20-28 until September 30, 2022. (FIA No-Action Request Extension)


PDF Image 21-28 Letter Type: No-Action
Division: DCR
Regulation Parts: 2(h)(1), 2(h)(7), 50.2, 50.4, 50.50, 50.51
Tags: Clearing, Clearing Requirement, End-user, LIBOR, IBOR, Legacy Swaps
Issuance Date:
Description:

DCR is providing time-limited relief from the swap clearing requirement and related exceptions and exemptions. This relief is to help facilitate the orderly transition from swaps that reference the London Interbank Offered Rate (LIBOR) and other interbank offered rates to swaps that reference alternative benchmarks. (ARRC No-Action Relief Extension Request)


PDF Image 21-27 Letter Type: No-Action
Division: DMO
Regulation Parts: 2(h)(8)
Tags: Trade Execution, LIBOR, IBOR, Trade Execution Requirement
Issuance Date:
Description:

DMO is providing time-limited relief from the trade execution requirement in order to facilitate the orderly transition from swaps that reference the London Interbank Offered Rate (LIBOR) and other interbank offered rates to swaps that reference alternative benchmarks.  (ARRC No-Action Relief Extension Request)


PDF Image 21-26 Letter Type: No-Action
Division: MPD
Regulation Parts: 1.3, 23.150, 23.151, 23.152, 23.153, 23.154, 23.155, 23.156, 23.157, 23.158, 23.159, 23.400, 23.401, 23.402, 23.410, 23.430, 23.431, 23.432, 23.433, 23.434, 23.440, 23.450, 23.451, 23.501, 23.502, 23.504, 23.505, 23.701
Tags: De Minimis, Margin, Swap Dealer, Uncleared Swaps, LIBOR, IBOR, Business Conduct Standards, Confirmation, Swap Trading Relationship Documentation
Issuance Date:
Description:

MPD is providing relief to swap dealers from registration de minimis requirements, uncleared swap margin rules, business conduct requirements, confirmation, documentation, and reconciliation requirements, and certain other eligibility requirements. This relief is to help facilitate the orderly transition from swaps that reference the London Interbank Offered Rate (LIBOR) and other interbank offered rates to swaps that reference alternative benchmarks. (ARRC No-Action Relief Extension Request)


PDF Image 21-25 Letter Type: No-Action
Division: DMO
Regulation Parts: 30.13
Tags: Foreign Future
Issuance Date:
Description:

DMO will not recommend that the Commission take enforcement action against KRX with respect to the offer or sale of the Contracts to persons located within the United States while the Commission’s review of KRX’s forthcoming request for certification of the Contracts pursuant to Commission Regulation 30.13 is pending. (KRX No-Action Request)


PDF Image 21-24 Letter Type: No-Action
Division: DMO, MPD
Regulation Parts: 2(h)(8), 5h(a)(1), 23 Subpart F, 23 Subpart I, 23 Subpart J
Tags: Brexit
Issuance Date:
Description:

Extension of No-action relief letters 20-39 and 21-17 which were granted to ensure the continued availability, following Brexit, of regulatory relief under certain existing CFTC comparability determinations and exemption orders originally issued by the CFTC for EU entities, while CFTC staff undertakes an analysis of UK law in order to make appropriate recommendations of comparability or exemption to the CFTC.