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 Image 23-09 Letter Type: No-Action
Division: DMO, DOD
Regulation Parts: 43, 43.3, 45, 45.4
Tags: Reporting, Swaps, LIBOR, Part 43, Part 45
Issuance Date:
Description:

The Commodity Futures Trading Commission’s Division of Market Oversight (DMO) and Division of Data (DOD) take a no-action position regarding certain Part 43 and Part 45 swap reporting obligations in relation to the cessation or non-representativeness of USD LIBOR and other rates on June 30, 2023.


See also: Request Letter
Requester(s): ARRC
PDF Image 23-08 Letter Type: No-Action
Division: MPD
Regulation Parts: 1.20, 1.32
Tags: FCM, Reporting, Segregated, Segregation, Customer Funds
Issuance Date:
Description:

No-Action position regarding the deposit and holding of customer funds by a registered FCM under certain circumstances with Taiwan Banks


See also: Request Letter
Requester(s): ADMIS
PDF Image 23-07 Letter Type: Advisories
Division: DCR
Regulation Parts: 39
Tags: Clearing, Digital Assets
Issuance Date:
Description:

AO Advisory on Risks Associated with Expansion of DCO Clearing of Digital Assets


Requester(s): CFTC
PDF Image 23-06 Letter Type: Advisories
Division: DCR
Regulation Parts: 1a(15)
Tags: Clearing, DCO, Prime Brokerage
Issuance Date:
Description:

Advisory that encourages entities using prime brokerage arrangements that provide credit substitution on a centralized basis to examine the specific nature of their activities for the potential need to register as a derivatives clearing organization (DCO).


Requester(s): CFTC
PDF Image 23-05 Letter Type: No-Action
Division: COM, DMO
Regulation Parts: 2(h)(8), 37.9
Tags: Execution, Swaps, Trade Execution, Trade Execution Requirement
Issuance Date:
Description:

The Division of Market Oversight (“Division” or “DMO”) of the Commodity Futures Trading Commission (“CFTC” or “Commission”) is providing a no-action position regarding the requirements in section 2(h)(8) of the Commodity Exchange Act (“CEA” or “Act”) and Commission regulation 37.9, for credit default swaps (“CDS”) that are executed for the sole purpose of migrating open CDS positions from ICE Clear Europe Ltd. (“ICEU”) to a new central clearing counterparty (“CCP”) ahead of ICEU’s planned discontinuation of CDS clearing services in October 2023.


See also: Request Letter
Requester(s): ISDA
PDF Image 23-04 Letter Type: Exemption
Division: MPD
Regulation Parts: 4.7, 4.7(b)(2), 4.7(b)(3)
Tags: Commodity Pool, CPO, Pool Participant, Reporting
Issuance Date:
Description:

Exemptive relief for a CPO from the requirement to provide quarterly account statements within 30 days of the end of each quarter for certain pools, provided that the CPO provides monthly account statements within 45 days of the end of each month for such pool.


See also: Request Letter
Requester(s): CGA, EIMS
PDF Image 23-02 Letter Type: No-Action
Division: MPD
Regulation Parts: 23.105
Tags: Financial Reports, SD, Swap Dealer, Tangible Net Worth
Issuance Date:
Description:

No-action position regarding the timing of filing certain reports under swap dealer financial reporting requirements in Regulation 23.105(d) and (l).


See also: Request Letter
Requester(s): CRG
PDF Image 23-01 Letter Type: No-Action
Division: MPD
Regulation Parts: 23.402, 23.430, 23.431, 23.432, 23.434, 23.440, 23.450, 23.451, 23.504
Tags: Business Conduct Standards, Documentation, Intended To Be Cleared
Issuance Date:
Description:

Revision of CFTC Staff Letter No. 13-70, regarding certain duties imposed on swap dealers (SDs) and major swap participants (MSPs) pursuant to the Commission’s Business Conduct Standards with Counterparties, as well as certain documentation requirements imposed on SDs and MSPs pursuant to Commission regulation § 23.504 for Intended-To-Be-Cleared Swaps.


See also: Request Letter
Requester(s): ISDA
PDF Image 22-21 Letter Type: No-Action
Division: DCR, MPD
Regulation Parts: 1.25, 22.2, 22.3, 30.7
Tags: DCO, FCM, SOFR, Investment of Customer Funds
Issuance Date:
Description:

No-action letter regarding investments of customer funds by futures commission merchants and derivatives clearning organizations in securities benchmarked to the Secured Overnight Financing Rate.


See also: Request Letter
Requester(s): CME, FIA
PDF Image 22-20 Letter Type: No-Action
Division: DCR
Regulation Parts: 39.19
Tags:
Issuance Date:
Description:

DCR is extending temporary no-action relief for registered derivatives clearing organizations (DCOs) from the daily reporting requirements in CFTC Regulation 39.19(c)(1)(i)(B) and (C) as amended in 2020, so long as that DCO continues to comply with the prior version of Regulation 39.19(c)(1)(B) and (C). This letter shall expire on the earlier of: one year from the date of issuance, or the date on which the Commission finalizes the proposed rule addressing this matter.


See also: Request Letter
Requester(s): CME, FIA, ICLR US, MGECH, OCC