At its open meeting on June 4, the Commodity Futures Trading Commission (CFTC) unanimously approved a final rule prohibiting persons from seeking to claim a Commodity Pool Operator registration exemption under CFTC Rule 4.13 who are, or whose principals are, subject to any of the statutory disqualifications listed in Section 8a(2) of the Commodity Exchange Act (CEA).
Continue Reading CFTC Unanimously Approves Final Rule Regarding CPO Registration Exemption
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CFTC Provides Relief to Certain Foreign Affiliates of FCMs in Response to COVID-19
By Kevin M. Foley & Stanley V. Polit on
Posted in CFTC
On March 31, the Division of Swap Dealer and Intermediary Oversight (DSIO) of the Commodity Futures Trading Commission (CFTC) issued Staff Letter No. 20-12 (Letter), announcing temporary no-action relief (Relief) that allows certain non-US entities, that are exempt from registration with the CFTC as introducing brokers pursuant to CFTC Regulation 30.5 (Foreign Brokers), and which are affiliates of futures commission merchants (FCMs) registered with the CFTC, to handle US order flow under certain conditions.
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CFTC Issues Order of Registration to Dubai Mercantile Exchange
By Sarah R. Adams & Kevin M. Foley on
Posted in CFTC
On June 21, the Commodity Futures Trading Commission announced that it issued an Order of Registration to the Dubai Mercantile Exchange (DME), a Foreign Board of Trade located in the Dubai International Financial Centre. The Order of Registration allows the DME to provide direct access to its electronic order entry and trade matching system to its members and other participants located in the United States. The DME previously offered direct access to US participants pursuant to CFTC No-Action Letter 07-06, which was automatically withdrawn upon the issuance of the DME’s Order of Registration.
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CFTC Proposes To Amend Exemption From Registration for Certain Foreign Persons
By Sarah R. Adams & Kevin M. Foley on
Posted in CFTC
On July 27, the Commodity Futures Trading Commission announced proposed rules to amend current exemptions from CFTC registration for futures commission merchants (FCMs), introducing brokers (IBs), commodity trading advisers (CTAs) and commodity pool operators (CPOs) in connection with commodity interest transactions solely on behalf of persons outside the United States or certain international financial institutions (IFIs). The proposed rules will codify past no-action relief.
Continue Reading CFTC Proposes To Amend Exemption From Registration for Certain Foreign Persons