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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
    View all Dodd-Frank Guidance, Advisories and Questions and Answers
    Expired Dodd-Frank Staff No-Action Letters

    currently effective staff no-action letters

    Publication
    Date
    Letters
    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

    02/10/2014

    No-Action Relief from the Commodity Exchange Act Sections 2(h)(8) and 5(d)(9) and from Commission Regulation 37.9 for Swaps Executed as Part of a Package Transaction
    Sections 2(h)(8) and 5(d)(9) of the Act; No-Action
    14-12

    01/10/2014

    No-action relief regarding the limitation on the holding of customer funds outside the U.S. under Regulation 30.7.

    Commission Regulation 30.7; No-Action
    14-03

    01/10/2014

    No-action relief from compliance with certain conditions associated with the receipt of customer funds by FCMs.
    Commission Regulations 1.20, 22.2, and 30.7; No-Action
    14-02

    12/31/2013

    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
    Parts 37 and 45 of the CFTC’s regulations; No-Action
    13-86

    12/30/2013

    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
    Commission Regulation 3.3(f); No-Action
    13-85

    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

    12/23/2013

    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.
    Part 37 of the CFTC’s regulations; No-Action
    13-81

    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

    12/20/2013

    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).
    Commission Regulation 1.35(a); No-Action
    13-77

    12/20/2013

    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).
    CEA section 5h(a)(1); Commission Regulation 37.3(a)(1); No-Action
    13-76

    12/20/2013

    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.
    Part 45 and Part 46 of the Commission’s regulations; No-Action
    13-75

    11/26/2013

    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.
    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
    13-71

    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

    07/11/2013

    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.
    Sections 5b(a) and 2(h)(1)(A) of the Act and implementing regulations thereunder; No-Action
    13-43

    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

    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).
    §45.4(b)(2)(ii); No-Action
    13-34

    06/26/2013

    No-Action Relief: Swaps Intended to be Cleared.
    Commission Regulations 23.402, 23.430, 23.431, 23.432, 23.434, 23.440, 23.450, 23.451, 23.504; No-Action
    13-33

    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

    06/04/2013

    No-Action Relief from the Required Clearing for Swaps Entered Into By Eligible Treasury Affiliates.
    Section 2(h)(1) of the CEA; No-Action
    13-22

    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

    03/29/2013Relief 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.
    Sections 4d and 4m of the Commodity Exchange Act; No-Action
    13-04
    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 for  Singapore Exchange Derivatives Clearing Limited with Regard to Section 5b(a) and Section 4d(f) of the Commodity Exchange Act.
    Sec. 5b(a) and Sec. 4d(f)(1) of the CEA; No-Action
    12-63
    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
    12/17/2012No-Action Relief for Japan Securities Clearing Corporation with Regard to Section 5b(a) of the Commodity Exchange Act and Section 2(h)(1)(A) of the Commodity Exchange Act and Implementing Regulations Thereunder.
    Sections 5b(a) and 2(h)(1)(A) of the Commodity Exchange Act and Parts 39 and 50 of Commission Regulations; No-Action
    12-56
    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
    10/12/2012

    Staff No-Action Relief: Temporary Relief from the De Minimis Threshold for Certain Swaps with Special Entities.
    1.3(ggg)(4); No-Action
    12-18

    10/12/2012

    Interpretations and no-action positions related to ECP status.
    1a(18)(A); 2(e); 13(a); 17 C.F.R. § 23.430; No-Action; Interpretation
    12-17

     

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