Release Number 7035-14

October 15, 2014

CFTC Staff Announces Self-Executing Registration No-Action Relief for Delegating CPOs when Certain Requirements are Met

Washington, DC — The Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) announced today that it is providing self-executing registration no-action relief for certain commodity pool operators (CPOs) who delegate certain activities (Delegating CPOs) to a registered CPO and meet the conditions specified. The relief made available today in CFTC Staff Letter 14-126 replaces the registration no-action position DSIO previously made available in CFTC Staff Letter 14-69.

Unlike Letter 14-69, which required each Delegating CPO to request registration no-action relief from DSIO, this new letter provides self-executing relief to Delegating CPOs who meet the criteria for relief. In this regard, with the exception of certain clarifications added to the criteria in Letter 14-69, the circumstances and conditions set forth in the letter issued today are, in purpose and effect, the same as those set forth in Letter 14-69.

In the letter issued today, DSIO also states that it will no longer consider requests for no-action relief pursuant to the approach described in Letter 14-69, including any requests previously submitted to DSIO that were pending. DSIO further states that any person who received a no-action letter pursuant to Letter 14-69 can continue to rely thereon.

Additionally, DSIO states that it understands the letter issued today does not cover all possible situations in which CPO registration relief may be appropriate. Accordingly, DSIO acknowledges in today’s letter that it will continue to consider other requests for CPO registration relief involving other circumstances that are not addressed in the new letter.

Last Updated: October 15, 2014