CFTC Staff Letters

No-action relief for non-U.S. persons that are neither guaranteed affiliates nor conduit affiliates of a U.S. person from the requirement to count swaps with international financial institutions towards the de minimis thresholds for the swap dealer and major swap participant definitions.  

The staff letter confirms that, for purposes of applying the position limits set forth in CFTC Regulation 150.2, when an institutional investor qualifies for the Regulation 150.4(b)(1) exemption from position aggregation with respect to their investment in a fund, the institutional investor is not required to look through its investment in a fund to aggregate commodity interest positions of an underlying portfolio company in which the institutional investor may hold a 10 percent or greater indirect interest (via its investment in the fund).  

Rescission of CFTC Staff Letter No. 16-47

Previous annual report exemptive relief granted to a CPO extended to an additional subsidiary pool; condition in previous exemptive relief with respect to an existing subsidiary pool removed based on changed circumstances.  

Exemptive relief from the provisions of Commission Regulations 4.7 and 4.22 to prepare an onshore feeder fund’s financial statements in accordance with U.S. GAAP

The Division of Swap Dealer and Intermediary Oversight provided no-action relief from CPO and CTA registration to the trustee of a pension plan group trust comprised solely of pension plans that are “not construed to be pools” under Regulation 4.5(a)(4)(i)-(iii).

DSIO denied a CPO’s request for exemptive relief from the audited annual report requirement for its pools because Division staff concluded that avoiding the audit could be disadvantageous for participants. 

Exemption  Exemptive relief from the requirement in Commission regulation 4.7(b)(2) to distribute quarterly account statements to participants within 30 days after the end of each quarter, instead providing information within 45 days after the end of each month.

Exemptive relief from the requirement in Commission regulation 4.7(b)(2) to distribute quarterly account statements to participants within 30 days after the end of each quarter. Instead, the operator will provide the information required to be contained in a quarterly account statement on a monthly basis, and within 45 days after the end of each month.

No-Action 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.