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Expired Staff No-Action Letters

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    Expired Dodd-Frank Staff No-Action Letters

    Expired Staff Letters

    Publication
    Date
    Letters
    11/01/2013

    CFTC’s Division of Market Oversight Issues Extension of Certain Time-Limited No-Action Relief Regarding Swap Execution Facilities Provided by CFTC No-Action Letter Nos. 13-55 (amended), 13-56 and 13-58 for Swaps in the Foreign Exchange Asset Class.
    Parts 37, 43 and 45 of the Commission’s Regulations; No-Action
    13-68

    10/17/2013

    Time-Limited No-Action Relief for GTX SEF LLC from the Registration Requirements of 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
    13-65

    10/17/2013

    Time-Limited No-Action Relief for LatAm SEF, LLC from the Registration Requirements of 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
    13-63

    09/30/2013

    Time-Limited No-Action Relief for (1) Futures Commission Merchants from Requirement to Comply with Commission Regulations 1.73(a)(2)(i) and (a)(2)(ii); and (2) Temporarily Registered Swap Execution Facilities from Requirement to Comply with Commission Regulation 37.702(b)..

    Rules 1.73(a)(2)(i)-(ii), 37.702(b); No-Action

    13-62

    09/30/2013

    Time-Limited No-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 Floor Trader Activities.  This letter extends the time-limited relief previously provided by DSIO in CFTC Letter Nos. 13-37 and 12-60.
    Commission Regulation 1.3(ggg); No-Action
    13-61

    09/30/2013

    Time-Limited No-Action Relief for Swap Execution Facilities and Designated Contract Markets from the One Business Day Product Review Period Requirement of Commission Regulation 40.2(a)(2) for Newly-Listed Swap Products.

    Commission regulation 40.2(a)(2); No-Action

    13-60

    09/30/2013

    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).

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

    13-59

    09/30/2013

    Time-Limited No-Action Relief to Temporarily Registered Swap Execution Facilities from Commission Regulation 37.6(b) for Non-Cleared Swaps in All Asset Classes.

    37.6(b); No-Action

    13-58

    09/27/2013

    Time-Limited No-Action Relief for Temporarily Registered Swap Execution Facilities from Enforcement Responsibilities Under Commission Regulations 37.200(a), 37.200(b), 37.201(b)(1), 37.201(b)(3), 37.201(b)(5), 37.202(b) and 37.203 with respect to market participants trading on those SEFs.

    Commission Regulations 37.200(a), 37.200(b), 37.201(b)(1), 37.201(b)(3), 37.201(b)(5), 37.202(b) and 37.203; No-Action; September 27, 2013

    13-57

    09/27/2013

    Time Limited No-Action Relief for Reporting Counterparties from Certain Continuation Data Reporting Requirements of Section 45.4 of the Commission’s Regulations with respect to Uncleared Swaps Executed on or Pursuant to the Rules of a Temporarily Registered Swap Execution Facility.
    Section 45.4 of the Commission’s Regulations; No-Action
    13-56

    09/27/2013

    Swap Data Reporting Requirements of Parts 43 and 45 of the Commission’s Regulations.
    Parts 43 and 45 of the Commission’s Regulations; No-Action
    13-55

    09/27/2013

    No-Action Relief for Nodal Exchange, LLC with Regard to Commission Regulation 40.2(a)(2).
    Regulation 40.2(a)(2); No-Action
    13-54

    09/27/2013

    No-Action Relief for LCH.Clearnet Ltd with Regard to Clearing Futures and Options on Futures Executed on Nodal Exchange.
    Sections 5b(a) and 5(d)(11)(A) of the Act; Commission Regulation 38.601
    13-53

    08/23/2013

    The Division of Swap Dealer and Intermediary Oversight (DSIO) issued a no-action letter stating that the Division will not recommend that the Commission take an enforcement action against an SD or MSP for failure to comply, prior to September 15, 2013, with Regulation 23.502, provided that the SD or MSP intends to rely upon – and be compliant with – the EMIR portfolio reconciliation rules, beginning on September 15, 2013, and otherwise satisfies the conditions set forth in CFTC Letter No. 13-45 Corrected.
    Commission Regulation 23.502; No-Action
    13-50

    07/11/2013

    No-Action Relief for Eurex Clearing AG 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
    13-44

     

    Please see Attachment A-Products Offered for Clearing by Eurex Clearing AG

    06/27/2013

    The Division of Swap Dealer and Intermediary Oversight issued a time-limited no-action letter that grants relief to all swap dealers and major swap participants from the portfolio reconciliation requirements of Regulation 23.502 until August 23, 2013.
    Commission Regulation 23.502; No-Action
    13-40

    06/27/2013

    The Division of Swap Dealer and Intermediary Oversight issued a no-action letter that provides swap dealers with relief from certain External Business Conduct Standards rules in the context of foreign exchange intermediated prime brokerage arrangements.
    Part 23, Subpart H, of the Commission’s Regulations; No-Action
    13-39

    06/27/2013

    Time-Limited No-Action Relief Regarding Certain Documentation Requirements for Swap Dealers (“SDs”) and Major Swap Participants (“MSPs”) with Foreign Exchange Counterparties.
    Commission Regulation 23.504; No-Action
    13-38

    06/27/2013

    Time-Limited No-Action Relief: Request that Certain Swaps Not Be Considered in Calculating Aggregate Gross Notional Amount for Purposes of the Swap Dealer (“SD”) De Minimis Exception for Persons Engaging in Floor Trader Activities.
    Commission Regulation 1.3(ggg); No-Action
    13-37

    06/27/2013

    Extension of Time-Limited No-Action Relief for Swap Dealers and Major Swap Participants from the Reporting Requirements of Part 45 for CDS Clearing-Related Swaps.
    § 45.3; No-Action
    13-36

    06/27/2013

    Additional Time-Limited No-Action Relief for Bespoke or Complex Swaps from Certain Swap Data Reporting Requirements of Parts 43 and 45 of the Commission’s Regulations.
    Part 43 and Part 45: Specified subsections of §§ 43.3(a); 43.4(a); Appendix A to Part 43; 45.3(b); 45.3(c); 45.3(d); 45.4(c); Appendix 1 to Part 45; No-Action
    13-35

    06/26/2013

    Request for Time-Limited No-Action Relief for Certain Swap Dealers from Compliance with Requirements of Commission Regulation 3.3 Relating to Annual Reports by Chief Compliance Officers.
    Commission Regulation 3.3; No-Action
    13-32

    06/21/2013

    Extension of Time-Limited No-Action Relief from the Clearing Requirement for Swaps Entered into by Cooperatives.
    Section 2(h)(1)(A) of the CEA and Commission Regulations 50.2 and 50.4; No-Action
    13-30

    06/17/2013

    Staff No-Action Relief: Extension of the Regulatory Status Quo
    Established with Respect to Certain Transactions by the Commission’s
    Second Amendment to the July 14, 2011 Order for Swap Regulation
    CEA sections 2(d), 2(e), 2(g), 2(h), 5d; No-Action
    13-28

    06/10/2013Time-Limited No-Action Relief for Certain Banks Having Assets of Less than $10 billion from the Board Approval Requirement of Section 2(j) of the CEA and the End-User Exception to the Clearing Requirement (§ 50.50(b)(1)(iii)(D)(2)).
    Section 2(j) of the Commodity Exchange Act and CFTC Regulation 50.50(b)(1)(iii)(D)(2); No-Action
    13-26
    06/07/2013

    Time-Limited No-Action Relief from the Clearing Requirement for Swaps Entered into by Cooperatives.
    Section 2(h)(1)(A) of the CEA and Commission Regulations 50.2 and 50.4; No-Action
    13-24

    05/31/2013

    No-action Relief: Extension for Compliance with Rule 1.73(a)(2)(v)(B) - Screening of Bunched Orders.
    Rule 1.73(a)(2)(v)(B); Other Written Communication
    13-21

    05/02/2013

    Time-Limited Relief for Swap Dealers and Major Swap Participants from Compliance with Business Conduct Standards in Foreign Exchange Transactions with a Settlement Cycle of No More than Seven Local Business Days.
    Part 23, Subpart H, of the Commission’s Regulations; No-Action
    13-13

    04/09/2013

    Time-Limited No-Action Relief for Swap Counterparties that are not Swap Dealers or Major Swap Participants, from Certain Swap Data Reporting Requirements of Parts 43, 45 and 46 of the Commission’s Regulations.
    Parts 43, 45 and 46 of the CFTC’s regulations; No-Action
    13-10

    03/29/2013

    Time-Limited No-Action Relief for Securitization Vehicles Regarding Compliance with Part 4 of the Commission’s Regulations.

    Part 4

    13-07

    03/30/2013Request for No-Action Relief for Swap Dealers and Major Swap Participants from Compliance with Certain Internal Business Conduct Requirements Found in Subpart F to Part 23 of the CFTC’s Regulations
    Commission Regulations 23.201, 23.202, 23.203; No-Action
    13-06
    03/29/2013Extension of Staff No-Action Relief with Respect to Certain CEA Provisions That May Apply to Certain RTOs, ISOs, and/or Their Participants.
    Section 4(c)(6); No-Action
    13-05
    03/29/2013Extension for compliance with Regulation 39.12(b)(7) for LCH.Clearnet Limited for acceptance or rejection of trades submitted for clearing, until May 17, 2013.
    Regulation 39.12(b)(7); Extension
    Staff Letter
    03/28/2013No-Action Relief for Certain Futures Commission Merchants from Compliance with Certain Requirements of Commission Regulation 3.3 Relating to Annual Reports by Chief Compliance Officers.
    Commission Regulation 3.3; No-Action
    13-03
    12/28/2012Extension of Temporary Registration Relief under CFTC Staff Letter No. 12-15 for Certain Associated Persons.
    Section 4k of the Commodity Exchange Act and CFTC Regulation 3.12; No-Action
    12-69
    12/21/2012Temporary Registration Relief for Commodity Pool Operators and Commodity Trading Advisors that Must Register as a Result of Amended CFTC Regulation 4.5 and Rescinded CFTC Regulation 4.13(a)(4).
    Part 4 of the Commission’s Regulations; No-Action
    12-68
    12/21/2012No-Action Relief for Investment Pools Investing in Certain Securitization Vehicles Formed Prior to October 12, 2012.
    Parts 3 and 4 of the Commission’s Regulations; No-Action
    12-67
    12/21/2012Relief regarding the reporting of swap transaction data.
    Parts 43, 45 and 46; No-Action
    12-66
    12/21/2012Time-Limited No-Action Relief from the Reporting of Certain Non-Reporting Counterparty Information Pursuant to Parts 45 and 46
    Part 45 and Part 46; No-Action
    12-65
    12/21/2012Time Limited No-Action Relief: Compo Equity Total Return Swaps.
    Mixed swaps, Section 1a(47)(D) of the Commodity Exchange Act; No-Action
    12-64
    12/20/2012No-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
    12-61
    12/19/2012Time-Limited No-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 Floor Trader Activities.
    Commission Regulation 1.3(ggg); No-Action
    12-60
    12/19/2012Time-Limited No-Action Relief for Swap Dealers and Major Swap Participants from the Reporting Provisions of Part 45 for CDS Clearing-Related Swaps.
    Sections 2(a)(13)(G) and 21(b) of the Commodity Exchange Act, and part 45 of the CFTC regulations; No-Action
    12-59
    12/18/2012ime-Limited No-Action Relief: Request that Swaps Transacted on Natural Gas Exchange Not Be Considered in Calculating Aggregate Gross Notional Amount for Purposes of Swap Dealer De Minimis Exception.
    Commission Regulation 1.3(ggg); No-Action
    12-57
    12/17/2012Time-Limited No-Action Relief from (i) Parts 43 and 45 Reporting for Prime Brokerage Transactions, and (ii) Reporting of Unique Swap Identifiers in Related Trades under Part 45 by Prime Brokers
    Parts 43 and 45; No-Action
    12-53
    12/14/2012Request for Time-Limited No-Action Relief for Certain Swap Dealers from Compliance with Requirements of Commission Regulation 3.3 Relating to Annual Reports by Chief Compliance Officers.
    Commission Regulation 3.3; No-Action
    12-52
    12/14/2012Clarification of Division of Market Oversight No-Action Letter 12-04 (July 17, 2012), and Extension of No-Action Relief for Non-Clearing Member Swap Dealers from Large Swap Trader Reporting Requirements of Section 20.4 of the Commission’s Regulations.
    Part 20 of the CFTC’s regulations; No-Action
    12-51
    12/11/2012Staff No-Action Relief: Preservation of the Regulatory Status Quo Established with Respect to Certain Transactions by the Commission’s Second Amendment to July 14, 2011 Order for Swap Regulation.
    CEA Sections 2(d), 2(e), 2(g), 2(h), 5d;; No-Action
    12-48
    12/10/2012Request for Time-Limited No-Action Relief for Certain Futures Commission Merchants from Compliance with Certain Requirements of Commission Regulation 3.3 Relating to Annual Reports by Chief Compliance Officers.
    Regulation 3.3; No-Action
    12-47
    12/10/2012Time-Limited No-Action Relief for Swap Dealers and Major Swap Participants From Compliance With Reporting Obligations Under 17 CFR § 45.4(b)(2)(ii).
    Sections 2(a)(13)(G) and 21(b) of the Commodity Exchange Act, and § 45.4(b)(2)(ii) of the CFTC regulations; No-Action
    12/07/2012Time-limited no-action relief for Part 20 Reporting Entities regarding identifying information and for Part 45 and Part 46 Reporting Counterparties regarding legal entity identifiers and other identifying information.
    Part 20, Part 45 and Part 46; No-Action
    12-46
    12/07/2012No-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.
    Parts 3 and 4 of the Commission’s Regulations; Section 1a(10) of the CEA; No-Action; Interpretation
    12-45
    12/05/2012No-Action Relief for Swap Dealers from Certain Swap Data Reporting Requirements of Part 43, Part 45 and Part 46 of the Commission’s Regulations Due to Effects of Hurricane Sandy.
    Part 43, Part 45 and Part 46 of the CFTC's regulations; No-Action
    12-41
    11/30/2012Time-Limited No-Action Relief for Bespoke or Complex Swaps from Certain Swap Data Reporting Requirements of Parts 43 and 45 of the Commission’s Regulations.
    Part 43 and Part 45: §§ 43.3(a); 43.4(a); Appendix A to Part 43; 45.3(b)(1); 45.3(b)(3); 45.3(c)(1)(i); 45.3(c)(1)(iii); 45.3(c)(2)(i); 45.3(c)(2)(iii); 45.3(d)(1); 45.3(d)(3); 45.4(c); and Appendix 1; No-Action
    12-39
    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
    11/28/2012Time-Limited No-Action Relief from the Clearing Requirement for Swaps Entered Into By Cooperatives.
    Section 2(h) of the CEA; No-Action
    12-36
    11/28/2012Time-Limited No-Action Relief from the Clearing Requirement for Swaps Entered Into By Cooperatives.
    Section 2(h) of the CEA; No-Action
    12-36
    11/28/2012Time-Limited No-Action Relief from the Clearing Requirement for Swaps Between Affiliated Counterparties.
    Section 2(h) of the CEA; No-Action
    12-35
    11/29/2012Requests for No-Action Relief from Commission Regulation 23.451 in Connection with Dealings with Certain Governmental Plans and for Clarification Concerning the “Look-Back” Provision of Commission Regulation 23.451.
    Amended; Commission Regulation 23.451; No-Action
    12-33
    11/21/2012The Division of Clearing and Risk granted an extension for compliance with Regulation 39.12(b)(7) for LCH.Clearnet Limited for acceptance or rejection of trades submitted for clearing, until March 31, 2013.
    Regulation 39.12(b)(7); Extension
    Staff Letter
    11/19/2012Time-Limited No-Action Relief for Swap Dealers from Certain Swap Data Reporting Requirements of Part 43, Part 45 and Part 46 of the Commission’s Regulations.
    Part 43, Part 45 and Part 46 of the CFTC's regulations; No-Action
    12-32
    10/31/2012Staff No-Action Relief: Temporary Delay of Compliance Date for Part 22 Rules Due to Effects of Hurricane Sandy.
    Part 22; No-Action
    12-30
    10/26/2012

    Extension of Time: Alternative Compliance Schedule for Regulation 1.74- Timing of Acceptance of Trades for Clearing.
    Regulation 1.74; Extension

    Barclays Capital Inc.
    Citi Futures and OTC Clearing
    Credit Suisse
    Deutsche Bank Securities Inc.
    Goldman Sachs & Co
    J.P. Morgan
    Merrill Lynch, Pierce, Fenner & Smith
    Morgan Stanley
    RBS Securities Inc.
    UBS Securities LLC
    Newedge USA, LLC

    10/26/2012Request for No-Action Relief for Swap Dealers and Major Swap Participants from Compliance with Certain Internal Business Conduct Requirements Found in Subpart F to Part 23 of the CFTC’s Regulations.
    Commission Regulations 23.202, 23.203; No-Action
    12-29
    6/01/2012

    No-Action Relief from Provisions of Regulation 1.71.
    Regulation 1.71; No-Action
    12-26

    10/12/2012

    Time-Limited No-Action Relief: Swaps Only With Certain Persons to be Included in Calculation of Aggregate Gross Notional Amount for Purposes of Swap Dealer De Minimis Exception and Calculation of Whether a Person is a Major Swap Participant.
    Regulations 1.3(ggg)(4) and 1.3(hhh); No-Action
    12-22

    10/12/2012

    Time Limited No-action Relief: Foreign Exchange Swaps and Foreign Exchange Forwards Not to be Considered in Calculating Aggregate Gross Notional Amount for Purposes of Swap Dealer De Minimis Exception or in Calculating Substantial Position in Swaps or Substantial Counterparty Exposure for Purposes of the Major Swap Participant Definition. Time-Limited No-action Relief for persons that meet the definitions of Commodity Pool Operators and Commodity Trading Advisors Solely as a Result of their Foreign Exchange Swap and Foreign Exchange Forward Activities.
    Commission Regulation 1.3(ggg)(4); No-Action
    12-21

    10/12/2012

    Time-Limited No-Action Relief: Swaps in Agricultural and Exempt Commodities Not to be Considered in Calculating Aggregate Gross Notional Amount for Purposes of Swap Dealer De Minimis Exception and Calculation of Whether a Person is a Major Swap Participant.
    Commission Regulations 1.3(ggg)(4) and 1.3(hhh); No-Action
    12-20

    10/12/2012

    Time-Limited No-Action Relief: Cleared Swaps in Agricultural and Exempt Commodities and Swaps Exchanged for Futures Not to be Considered in Calculating Aggregate Gross Notional Amount for Purposes of Swap Dealer De Minimis Exception.
    Regulation 1.3(ggg)(4); No-Action
    12-16

    10/12/2012

    Registration Relief for Certain Persons.
    CEA Sections 4d, 4e, 4m, 4s(b)(6); and CFTC Part 3 Regulations; No-Action
    12-15

    10/11/2012

    Staff No-Action Relief: Preservation of the Regulatory Status Quo with Respect to Certain CEA Provisions That May Apply to FPA Section 201(f) Entities and Other Electric Cooperatives.
    No action with respect to all provisions except general enforcement provisions; No-Action
    12-12

    10/11/2012

    Staff No-Action Relief: Preservation of the Regulatory Status Quo with Respect to Certain CEA Provisions That May Apply to RTOs, ISOs, and/or Their Participants.
    Section 4(c)(6); No-Action
    12-11

    10/10/2012

    Division of Clearing and Risk staff issued a no action preserving the regulatory status quo with respect to swaps cleared by a DCO (and related) collateral which expires on the compliance date for Part 22 regulations, November 8, 2012.
    4d(f)(2), (3), (4), and (6); No-Action
    12-10

    9/26/2012

    The Division of Clearing and Risk granted an extension for compliance with Regulation 1.73(a)(1) for small exchanges and Regulation 1.73(a)(2)(iv)-(v) for automated screening of give-up and bunched orders, until June 1, 2013.

    1.73(a)(2)(i), 1.73(a)(2)(iv), 1.73(a)(2)(v); No-Action

    12-09

    08/14/2012

    Staff No-Action Relief: Temporary Relief for Persons Eligible for the Trade Option Exemption from the Requirements of §§ 32.3(b) and 32.3(c)(1), (3), (4) and (5) of the Commission’s Regulations.
    Regulation 32.3 Trade Options; No-Action
    12-06

    7/17/2012

    Staff No-Action Relief: Temporary Relief for Non-Clearing Member Swap Dealers from the Requirements of § 20.4 of the Commission’s Regulations Regarding Large Swaps Trader Reporting for Physical Commodities.

    Part 20: Large Trader Reporting for Physical Commodity Swaps; No-Action

    12-04

    7/10/2012

    No-Action Relief from Rescission of Regulation 4.13(a)(4) and Amendments to Regulation 4.5.

    Part 4: Registration and Compliance Obligations for CPOs and CTAs; No-Action
    12-03

    7/02/2012

    Staff No-Action Relief: Temporary Relief for Clearing Members from the Requirements of Ownership-Level Reporting of § 20.4 of the Commission’s Regulations Regarding Large Swaps Trader Reporting for Physical Commodities.

    Part 20: Large Trader Reporting for Physical Commodity Swaps; No-Action
    12-02