Release Number 8136-20

March 20, 2020

CFTC Issues Third Wave of Relief to Market Participants in Response to COVID-19

Washington, D.C. — The Commodity Futures Trading Commission today announced that in response to the COVID-19 (coronavirus) pandemic, the Division of Swap Dealer and Intermediary Oversight (DSIO) has issued two additional no-action letters providing temporary, targeted relief to a large U.S. bank that helps finance America’s oil and gas sector and to those who operate commodity-focused investment funds the CFTC regulates.

“End users involved in energy exploration and production are facing unique challenges, and the CFTC is committed to providing targeted relief, where appropriate, that helps these companies weather volatile market conditions,” said CFTC Chairman Heath P. Tarbert. “We are also taking additional steps to provide flexibility for investment funds by granting temporary relief from certain reporting requirements that have become challenging to meet under the present circumstances.”

“During these difficult times, the CFTC remains squarely focused on our mission to promote the integrity, resilience, and vibrancy of the U.S. derivatives markets through sound regulation,” added Chairman Tarbert. “I want to encourage market participants to engage with the CFTC early and often as market developments continue to unfold.”

Subject to the conditions stated in the letters, the relief provided is as follows: