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 Image21-09 Letter Type: No-Action
Division: DMO, DCR, DOD, MPD
Regulation Parts: 2(h)(8), 23, 23.202, 23.205, 23 Subpart I, 23.500, 23.501, 23.502, 23.503, 23.504, 23.505, 23.506, 23.610, 23 Subpart L, 23.700, 23.701, 23.702, 23.703, 23.704, 37, 38, 43, 50
Tags: SD, Brexit, Cross-border
Issuance Date:
Description:

Brexit-related time limited no-action position with respect to certain swap dealer transaction-level requirements

PDF Image21-08 Letter Type: Other
Division: DCR
Regulation Parts: 39.13
Tags: Initial margin, Clearing, DCO, FCM, Margin, Risk Management
Issuance Date:
Description:

The Division of Clearing and Risk (“DCR”) recently received several inquiries regarding the implementation of amendments to Regulation 39.13(g)(8)(ii) that the Commission adopted on January 27, 2020 with a compliance date of January 27, 2021. In particular, some market participants asked whether it would be permissible under Regulation 39.13(g)(8)(ii) as revised for a futures commission merchant (FCM) to assess whether a customer account presents a “heightened risk profile,” and is therefore subject to additional initial margin requirements, based on whether the account is a hedging or speculative account if the FCM concludes that is an appropriate method of assessing risk. DCR is confirming that it would be permissible for an FCM to do so, provided that the FCM maintains policies and procedures that demonstrate this is the risk analysis the FCM will use when determining whether to collect additional initial margin from a given customer.

PDF Image21-07 Letter Type: Exemption
Division: MPD
Regulation Parts: 1.10, 1.16
Tags: Financial Reports, IB
Issuance Date:
Description:

Exemptive relief to registered Introducing Broker for filing a certified financial report under Regulation 1.10 and Regulation 1.16.

PDF Image21-06 Letter Type: No-Action
Division: MPD
Regulation Parts: 3
Tags: Commodity Pool, CPO, CTA, Registration
Issuance Date:
Description:

No-action relief granted from CPO and CTA registration to an entity that uses swaps in connection with its acquisition of biopharmaceutical royalties.

PDF Image21-05 Letter Type: No-Action
Division: DMO, MPD
Regulation Parts: 5(d)(4), 5(d)(10), 1.3, 1.35, 38.250, 38.251, 38.252, 38.253, 155.3
Tags: FCM, IB, Recordkeeping, Registration, Floor broker, COVID-19, Audit Trail
Issuance Date:
Description:

Partial continuation of no-action positions to facilitate physical separation of registrant personnel in response to the COVID-19 pandemic

PDF Image21-04 Letter Type: No-Action
Division: DMO, MPD
Regulation Parts: 5(d)(4), 5(d)(10), 1.35, 38.250, 38.251, 38.252, 38.253, 38.254, 38.255, 38.256, 38.553
Tags: Recordkeeping, COVID-19, Audit Trail
Issuance Date:
Description:

No-action positions for floor brokers and introducing brokers from oral recordkeeping requirements and designated contract markets from audit trail requirements in continued response to the COVID-19 pandemic

PDF Image21-03 Letter Type: Other
Division: MPD
Regulation Parts: 23 Subpart E, 23 Subpart I
Tags: SD, Capital, Model
Issuance Date:
Description:

Approval letter issued to the National Futures Association with regard to Swap Dealer captial model requirements and review program.

PDF Image21-02 Letter Type: No-Action
Division: MPD
Regulation Parts: 1.25
Tags: FCM, Customer Funds
Issuance Date:
Description:

Time-Limited No-Action relief to FCMs from Regulation 1.25 for Investments in Securities with an Adjustable Rate of Interest Benchmarked to the Secured Overnight Financing Rate

PDF Image21-01 Letter Type: No-Action
Division: DCR
Regulation Parts: 39.19
Tags: DCO, Reporting
Issuance Date:
Description:

Temporary no-action relief for registered derivatives clearing organizations from the amended daily reporting requirements in CFTC Regulation 39.19. This relief expires on January 27, 2022.

PDF Image20-46 Letter Type: No-Action
Division: DCR
Regulation Parts: 5b(a)
Tags: DCO, Registration
Issuance Date:
Description:

Extension of time-limited no-action relief for Shanghai Clearing House with regard to Section 5b(a) of the Commodity Exchange Act and Commission Regulations thereunder.