DSIO Staff Letters

2020

09/14/2020

20-27
Letter Type: No-Action
Division: DSIO
Regulation Parts: 1.17
Tags: FCM, Minimum financial requirements
Description: Staff no-action position regarding the treatment of a deferred tax liability under Regulation 1.17 which is directly related to intangible assets booked as a result of an acquisition.

09/11/2020

20-26
Letter Type: No-Action
Division: DMO, DSIO
Regulation Parts: 5(d)(4), 5(d)(10), 1, 5, 23, 37
Tags: FCM, IB, SD, SEF, Swap Dealer, Floor broker, RFED, COVID-19
Description: This no-action letter extends until January 15, 2021, the relief previously provided by CFTC Staff Letter 20-19, which, in turn, extended the time period for certain no-action relief provided in CFTC Staff Letters 20-02, 20-03, 20-04, 20-05, 20-06, 20-07, and 20-09, each issued on March 17, 2020 (the ""COVID-19 Letters"")

08/31/2020

20-23
Letter Type: No-Action
Division: DSIO
Tags: De Minimis, Margin, Swap Dealer, Uncleared Swaps, LIBOR, IBOR, Business Conduct Standards, Confirmation, Swap Trading Relationship Documentation
Description: DSIO 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.

07/23/2020

20-21
Letter Type: No-Action
Division: DSIO
Tags:Swap Dealer, ANE, Cross-border
Description: Withdrawal of staff advisory and no-action relief: transaction-level requirements for non-U.S. swap dealers

07/14/2020

20-20
Letter Type: No-Action
Division: DSIO
Description: Time Extension for No-Action Relief previously granted in response to the COVID-19 pandemic for persons required to submit fingerprints in connection with applying for registration as an associated person or to be listed as a principal of a registrant.

06/09/2020

20-19
Letter Type: No-Action
Division: DMO, DSIO
Description: This letter extends the time period of certain no-action relief provided in CFTC Staff Letters Nos. 20-02, 20-03, 20-04, 20-05, 20-06, 20-07, and 20-09, each issued on March 17, 2020 (the “COVID-19 Letters”) until September 30, 2020.

05/18/2020

20-18
Letter Type: No-Action
Division: DMO, DSIO
Regulation Parts: 23, 23.150, 23.151, 23.152, 23.153, 23.154, 23.155, 23.156, 23.157, 23.158, 23.159, 23.160, 23.161, 43, 45, 46
Tags: Margin, Reporting, Uncleared Swaps
Description: No-action relief from certain Commission regulations with respect to certain warrants listed on foreign exchanges.

05/13/2020

20-17
Letter Type: Advisories
Division: COM, DMO, DCR, DSIO
Regulation Parts: 1.11, 1.55, 1.73, 38, 39.13
Tags: DCM, DCO, FCM, COVID-19, Risk Management, Market Integrity
Description: DMO, DCO, and DSIO issue this advisory to remind DCMs, FCMs, and DCOs that they are expected to prepare for the possibility that certain contracts may continue to experience extreme market volatility, low liquidity and possibly negative pricing.

04/24/2020

20-16
Letter Type: No-Action
Division: DSIO
Regulation Parts: 1a(12)(C), 3.10, 3.12
Tags: COVID-19, Associated Persons, Fingerprinting
Description: No-action position in response to the COVID-19 pandemic for persons required to submit fingerprints in connection with applying for registration as an associated person or being listed as a principal of a registrant

04/22/2020

20-15
Letter Type: No-Action
Division: DSIO
Regulation Parts: 1.17
Tags: FCM, IB, COVID-19, Minimum financial requirements
Description: No-action positions for futures commission merchants and introducing brokers to address net capital treatment of covered loans under the CARES Act in response to the COVID-19 pandemic.

04/14/2020

20-14
Letter Type: No-Action
Division: DSIO
Regulation Parts: 23.151
Tags: Margin, SD, ESM
Description: Revised time-limited no-action position with respect to uncleared swaps with the European Stability Mechanism under Commission regulation 23.150-161

03/31/2020

20-12
Letter Type: No-Action
Division: DSIO
Regulation Parts: 30.5
Tags: Registration, COVID-19, Foreign Broker
Description:  No-action position for foreign brokers exempt pursuant to Commission regulation 30.5 to handle U.S. futures market orders in response to the COVID-19 pandemic

03/20/2020

20-11
Letter Type: No-Action
Division: DSIO
Regulation Parts: 4.7(b)(2), 4.7(b)(3), 4.22, 4.27
Tags: Commodity Pool, CPO, Pool Participant, Reporting, COVID-19
Description: No-action positions for commodity pool operators in response to the COVID-19 pandemic

03/20/2020

20-10
Letter Type: No-Action
Division: DSIO
Regulation Parts: 1.3
Tags: MSP, COVID-19, Insured depository institution
Description: No-action position for excluding certain commodity swaps from inclusion in the major swap participant registration threshold calculation of an insured depository institution

03/17/2020

20-06
Letter Type: No-Action
Division: DSIO
Regulation Parts: 3.3, 23.202
Tags: Annual Report, Recordkeeping, SD, COVID-19
Description: No-action positions for swap dealers to facilitate physical separation of personnel in response to the COVID-19 pandemic

03/17/2020

20-05
Letter Type: No-Action
Division: DSIO
Regulation Parts: 1.35, 5.18
Tags: Recordkeeping, RFED, COVID-19
Description: No-action positions for retail foreign exchange dealers to facilitate physical separation of personnel in response to the COVID-19 pandemic

03/17/2020

20-04
Letter Type: No-Action
Division: DSIO
Regulation Parts: 1.3, 1.35
Tags: IB, Recordkeeping, Registration, Floor broker, COVID-19
Description: No-action positions for floor brokers to facilitate physical separation of personnel in response to the COVID-19 pandemic

03/17/2020

20-03
Letter Type: No-Action
Division: DSIO
Regulation Parts: 1.35, 1.55, 3.3
Tags: Annual Report, FCM, IB, Recordkeeping, COVID-19
Description: No-action positions for futures commission merchants and introducing brokers to facilitate physical separation of personnel in response to the COVID-19 pandemic

03/17/2020

20-02
Letter Type: No-Action
Division: DSIO
Regulation Part: 1.35
Tags: DCM, Recordkeeping, SEF, COVID-19
Description: No-action positions for certain members of designated contract markets and swap execution facilities to facilitate physical separation of personnel in response to the COVID-19 pandemic