CFTC Staff Letters

Consistent with CFTC Staff Letter 12-37, the Division of Swap Dealer and Intermediary Oversight provided no-action relief from commodity trading advisor registration to family offices in connection with their advisory services given to family clients, provided that a family office claiming relief maintains compliance with 17 CFR 275.202(a)(11)(G)-1 and files a notice with the Division.

DSIO granted exemptive relief to the operators of funds to provide monthly account statements to participants within 45 days of the month end rather than provide quarterly account statements within 30 days of the quarter end.

Extension of No-Action Relief: Transaction-Level Requirements for Non-U.S. Swap Dealers

No-action relief and interpretation of certain aspects of Regulation 30.7 with respect to the holding of customer funds in accounts located outside of the U.S.

The Division of Swap Dealer and Intermediary Oversight issued a “no-action” position from compliance with certain requirements of Regulation 1.57(a)(1), such that a guaranteed introducing broker could open and carry customer accounts with other than its guaranteeing futures commission merchant. Among other things, customers would be eligible contract participants and it was anticipated that the ultimate owner of the guaranteeing futures commission merchant would be the ultimate owner of an interest in the guaranteed introducing broker.

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

Extension of no-action relief from compliance with certain conditions associated with the receipt of customer funds by FCMs.

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.

Exemption from requirement that a pool’s financial statement be audited by independent public accountants.

DSIO is issuing an extension of a previous no-action letter providing additional time for futures commission merchants (FCMs) to comply with Commission regulations requiring FCMs to obtain acknowledgement letters from certain depositories. DSIO will provide no-action relief until December 31, 2014.