December 16, 2014
CFTC Staff Issues Time-Limited No-Action Relief from Certain Recordkeeping Requirements under Commission Regulation 1.35(a)
Washington, DC — The U.S. Commodity Futures Trading Commission’s (CFTC or Commission) Division of Swap Dealer and Intermediary Oversight and Division of Market Oversight today issued a no-action letter providing relief from certain recordkeeping requirements under Commission Regulation 1.35(a). Specifically, the letter provides that commodity trading advisors that are registered with the CFTC and are members of designated contract markets or of swap execution facilities will not be required to record oral communications. This is an extension and expansion of the time-limited no-action relief that was provided in CFTC Staff Letter No. 14-60.
The letter also provides that market participants covered by the rule will not be required to link records of oral and written communications that lead to the execution of a transaction in a commodity interest and related cash or forward transactions with any particular transaction. This no-action relief is effective immediately and will expire on the earlier of: December 31, 2015, or the effective date of any Commission action with respect to the Commission’s recent proposal to amend Regulation 1.35(a), which was published in the Federal Register on November 14, 2014.
Last Updated: December 16, 2014