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Currently Effective Staff Letters

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    Currently Effective Staff Letters

    The Commodity Futures Trading Commission is in the process of implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Staff of the CFTC is in the process of responding to staff no-action letters regarding rules issued under Dodd-Frank.

    View Dodd-Frank Final Rules and Orders
    View Dodd-Frank Proposed Rules
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    Expired Dodd-Frank Staff No-Action Letters

    Currently effective staff no-action letters

    Publication
    Date
    Letters
    04/23/2015

    The Division of Market Oversight is issuing Guidance to swap execution facilities regarding the calculation of projected operating costs or expenses for the purpose of meeting the financial resource requirements under SEF Core Principle 13 and Commission Regulation 37.1303 and clarifies that commissions paid employee-brokers, calculated as a percentage of transaction revenue, do not have to be included in the calculation.
    Commodity Exchange Act section 2(h)(8) and regulations 37.6(b), 37.1000, 37.1001, 45.2, and 45.3(a); Other Written Communication
    15-26

    04/22/2015

    The Division of Market Oversight is issuing a no-action letter that extends No-Action Letter 14-108 and continues to provide relief from (1) the requirement that a SEF obtain documents that are incorporated by reference in confirmations issued under Commission Regulation 37.6(b) prior to issuing the confirmation, and (2) the requirement that a SEF maintain such documents as records. In addition, the division is providing relief from the requirement set forth in Commission Regulation 45.3(a) that SEFs report terms contained in the agreements that are confirmation data.
    Commodity Exchange Act section 2(h)(8) and regulations 37.6(b), 37.1000, 37.1001, 45.2, and 45.3(a); No-Action
    15-25

    04/22/2015

    The Division of Market Oversight and the Division of Clearing and Risk are issuing a no-action letter that provides relief similar to that provided in No-Action Letters 13-66 and 14-50 by permitting swap execution facilities (SEFs) and designated contract markets (DCMs) to address clerical or operational errors that cause a swap to be rejected from clearing. The relief provided in this letter also permits SEFs and DCMS to address clerical or operational errors discovered after a swap has been cleared.
    Commission Regulations 37.9(a)(2), 37.203, 38.152, and 38.500; No-Action
    15-24

    01/23/2015

    Request for No-Action Relief for Introducing Brokers’ Compliance with Certain Financial Reporting and Capital Computation Requirements under Regulations 1.10 and 1.17.
    Regulations 1.10 and 1.17; No-Action
    15-02

    12/16/2014

    The Division of Swap Dealer and Intermediary Oversight and the Division of Market Oversight issued time-limited no-action relief with respect to some of the recordkeeping requirements under Regulation 1.35(a). The letter extends and expands the relief provided in CFTC Staff Letter No. 14-60 by relieving CTAs from the requirement to record oral communications under Regulation 1.35(a). The letter also provides relief for market participants from the requirement to link records of oral and written communications that lead to the execution of a transaction with any particular transaction.
    Commission Regulation 1.35(a); No-Action
    14-147

    11/26/2014

    The Division of Swap Dealer and Intermediary Oversight granted exemptive relief from the financial statement requirements of Commission regulations 4.22 and the disclosure requirements of Commission regulation 4.24(s) to the commodity pool operator (the “CPO”) of an insurance-linked securitization vehicle (the “ILS Vehicle”) with respect to the ILS Vehicle; provided, that the CPO satisfies certain conditions for relief relating to the management of the ILS Vehicle, the disclosure of additional information concerning the ILS Vehicle, and the calculation of the net asset value of the ILS Vehicle.
    CEA Section 2(h)(7)/CFTC Regulation 50.50; No-Action
    14-144

    11/24/2014

    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 and Switzerland.
    Part 45 and Part 46 of the Commission’s regulations; No-Action
    14-141

    11/14/2014

    Extension of No-Action Relief: Transaction-Level Requirements for Non-U.S. Swap Dealers.

    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

    14-140

    11/13/2014

    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 February 15, 2015.
    CEA section 5h(a)(1); Commission Regulation 37.3(a)(1); No-Action
    14-139

    09/30/2014

    SEFs and DCMs will have time-limited no-action relief from Commission Regulation 37.9(a)(2) regarding methods of execution for required transactions, or Commission Regulations 37.203(a) and 38.152 that prohibit pre-arranged trading, if a SEF or DCM permits a new trade, with terms and conditions that match the terms and conditions of the original trade, other than the time of execution, to be submitted for clearing. This no-action relief shall commence on the date of issuance of this letter and shall expire on February 16, 2015.
    Commission Regulations § 37.9(a)(2), § 37.203(a) and § 38.152; No-Action
    14-121

    09/29/2014

    The CFTC’s Division of Market Oversight issued an extension of no-action letter 13-86, which provided relief 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.
    Parts 37 and 45 of the CFTC’s regulations; No-Action
    14-119

    06/30/2014

    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.
    Part 45.4; No-Action
    14-90

    06/27/2014

    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.
    Parts 20, 45 and 46; No-Action
    14-89

    04/25/2014

    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
    Commission Regulation 1.35(a); No-Action
    14-60

    03/06/2014

    Time-Limited No-Action Relief from the Commodity Exchange Act Section 2(h)(8) for Swaps Executed Between Certain Affiliated Entities Not Electing Commission Regulation 50.52
    Section 2(h)(8) of the Act; No-Action
    14-26

    12/30/2013

    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
    Commission Regulation 3.3(f); No-Action
    13-84

    12/23/2013

    No-action relief for certain Introducing Brokers from filing certified and unaudited financial statements and calculating capital under regulation 1.17.
    Commission Regulation 1.10 and 1.17; No-Action
    13-82

    12/20/2013

    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.
    Commission Regulations 23.600(c)(2), 23.608, and 23.609; No-Action
    13-78

    11/15/2013

    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.
    Commission Regulations 23.402, 23.430, 23.431, 23.432, 23.434, 23.440, 23.450, 23.451, and 23.504, No-Action 

    13-70

    10/17/2013

    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.
    Commission Regulation 1.3(ggg); No-Action
    13-64

    07/11/2013

    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.
    Sections 5 and 5a of the Act; No-Action
    13-46

    07/11/2013

    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. 

    Part 23, Subpart I, of the Commission’s Regulations; No-Action
    13-45

    06/28/2013

    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.
    Parts 20, 45 and 46; No-Action
    13-41

    06/26/2013

    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.
    Commission Regulation 23.502; No-Action
    13-31

    06/21/2013

    No-Action Relief: Alternative to Fingerprinting to Establish Fitness of Associated Persons Residing Outside the United States.
    Commission Regulations 3.12; No-Action
    13-29

    06/10/2013

    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.
    Section 2(h)(1) of the Commodity Exchange Act and CFTC Regulations 50.2 and 50.4; No-Action
    13-25

    05/01/2013

    Relief for Swap Dealers and Major Swap Participants Regarding the Obligation to Provide Certain Disclosures for Certain Transactions Under Regulation 23.431.
    Commission Regulation 23.431; No-Action
    13-12

    4/30/2013

    Time Limited Relief for Swap Dealers in Connection with Prime Brokerage Arrangements.

    P art 23, Subpart H, of the Commission’s Regulations; No-Action
    13-11

    04/05/2013

    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.
    Parts 45, 46, and 50; No-Action
    13-09

    04/05/2013

    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.
    Regulation 32.2, 32.3; No-Action
    13-08

    03/20/2013No-Action Relief from Required Clearing for Partial Novation and Partial Termination of Swap
    Section 2(h) of the CEA; No-Action
    13-02
    03/18/2013No-Action Relief from Required Clearing for Swaps Resulting from Multilateral Portfolio Compression Exercises
    Section 2(h) of the CEA; No-Action
    13-01
    12/31/2012No-Action Relief: U.S. Bank Wholly Owned by Foreign Entity May Calculate De Minimis Threshold Without Including Activity From Its Foreign Affiliates.
    Commission Regulation 1.3(ggg)(4); No-Action
    12-71
    12/31/2012Relief 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.
    Sections 4d and 4m of the Commodity Exchange Act; No-Action; Exemption
    12-70
    12/21/2012No-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.
    Commission Regulation 1.3(ggg); No-Action
    12-62
    12/18/2012Request for Relief Regarding Obligation to Provide Pre-Trade Mid-Market Mark for Certain Credit Default Swaps and Interest Rate Swaps.
    Commission Regulation 23.431; No-Action
    12-58
    12/12/2012Relief for a CTA from Section 4m(1) of the Commodity Exchange Act.
    Section 4m(1) – CTA registration requirement; No-Action
    12-54
    12/11/2012No-Action Relief: Alternative to Fingerprinting to Establish Fitness of Principals Residing Outside the United States.
    Commission Regulation 3.10(a)(2); No-Action
    12-49
    12/07/2012No-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.
    Parts 3 and 4 of the Commission’s Regulations; No-Action
    12-44
    12/07/2012Relief 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.
    Regulation 23.22(b) – Prohibition against associating with a person subject to a statutory disqualification; No-Action
    12-43
    12/06/2012Request for Relief Regarding Obligation to Provide Pre-Trade Mid-Market Mark for Certain Foreign Exchange Transactions.
    Commission Regulation 23.431; No-Action
    12-42
    12/04/2012No-Action Relief from the Commodity Pool Operator Registration Requirement for Commodity Pool Operators of Certain Pooled Investment Vehicles Organized as Business Development Companies.
    Parts 3 and 4; No-Action; December 4, 2012
    12-40
    11/29/2012No-Action Letter: Delayed Compliance Date of Amended Part 4; Rescission of Former Appendix A.
    Parts 3 and 4; No-Action
    12-38
    11/29/2012No-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..
    Parts 3 and 4; No-Action
    12-37

     

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