Letters

Date Title
17-65 PDF Image; CEA Sections 1a(12) and 4m(1), Commission regulations 4.6(a)(3) and 4.14(a)(6);; Interpretative
A futures commission merchant (FCM), swap dealer (SD), or introducing broker (IB) that receives separate compensation for commodity trading advice is not required to register as a commodity trading advisor, provided that the offered advice is “solely incidental” to the conduct of the FCM’s or SD’s business, or “solely in connection with” the operation of the IB’s business.
17-51 PDF Image; CEA Section 5b(c)(2)(E) and Commission Regulation 39.14;; Interpretative
Interpretation of the Commodity Exchange Act and Commission regulations regarding the characterization of variation margin payments and all other cash flows for cleared swaps.
16-87 PDF Image; Commission Regulation 23.451;; Interpretative
DSIO’s interpretation of Regulation 23.451 clarifying staff’s view that a swap dealer’s contributions for transition or inaugural expenses incurred by a successful candidate are only covered by the rule to the extent that such expenses are incurred by a successful candidate for a position as an official of a governmental Special Entity.
16-69 PDF Image; CFTC regulations 39.11(e)(1); 39.13(g)(10); 39.15(c) and (e); 39.36(f);; Interpretative
Interpretation of CFTC regulations 39.11(e)(1); 39.13(g)(10); 39.15(c) and (e); and 39.36(f) in light of amendments to Securities and Exchange Commission rule 2a-7.
16-34 PDF Image; Section 1a(10) of the Commodity Exchange Act and Commission regulation 4.10(d)(1);; Interpretative
Interpretative relief granted that states that a pool that is only funded and traded by two brothers is not a commodity pool
15-50 PDF Image; CFTC regulations 39.13, 39.15, 39.21 and 39.40;; Interpretative
Staff interpretation to assist derivatives clearing organizations (DCOs) that have been designated systemically important (SIDCOs) or DCOs that have opted into the enhanced SIDCO regulatory framework (Subpart C DCOs”) in their understanding of how certain Part 39 regulations apply, consistent with specific risk management standards in the Principles for Financial Market Infrastructures. (DCR)
15-51 PDF Image; Section 2(h)(8); Regulation 37.3(a)(1); Regulation 45.8;; Interpretative
DCR and DMO Interpretation regarding use by a derivatives clearing organization of a “firm or forced trades” process.
15-27 PDF Image; Section 2(h)(7)(C)(iii) of the Commodity Exchange Act;; Interpretative
The Division of Clearing and Risk published a letter interpreting Section 2(h)(7)(C)(iii) of the Commodity Exchange Act.
14-132 PDF Image; Regulations 23.701 and 23.704;; Interpretative
Staff interpretation regarding notification of the right to segregation of initial margin in uncleared swap transactions and quarterly reporting under Commission Regulations 23.701 and 23.704
14-129 PDF Image; Commission Regulations 1.17, 1.22, 22.2, and 30.7;; Interpretative
Staff issued an interpretation providing that a futures commission merchant (FCM) may credit a customer’s trading account for a margin payment upon the FCM’s initiation of a withdrawal from the customer’s bank account using the Automated Clearing House (ACH) payment processing system. The FCM also may consider such pending margin payments in computing its regulatory capital.