Release Number 7989-19

August 1, 2019

CFTC’s Division of Market Oversight Extends Time-Limited No-Action Relief from Certain Position Aggregation Requirements 

— The U.S. Commodity Futures Trading Commission’s Division of Market Oversight (DMO) today announced that it has issued a no-action letter extending, until August 12, 2022, the relief provided in CFTC Letter 17-37, which would have expired on August 12, 2019. This no-action letter continues to provide relief to market participants from certain position aggregation requirements in CFTC Regulation 150.4, including by:

  • Revising the notice filing requirements;
  • Revising the definitional conditions, for purposes of complying with the aggregation requirements, for eligible entities, independent account controllers, and commodity trading advisors; and
  • Limiting the aggregation requirements for the “substantially identical trading strategies” rule to circumstances where positions in more than one account or pool are held in order to willfully attempt to circumvent applicable position limits.

This extension will also give DMO additional time to continue to, among other things, consider long-term solutions that might require a notice and comment rulemaking.