no-action letter

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On August 31, the Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (DMO) issued a no-action letter (No-Action Letter 20-24) providing time-limited relief from the trade execution requirement for certain swaps.
Continue Reading CFTC No-Action Letter 20-24: CFTC Provides Relief from the Trade Execution Requirement

On August 31, the Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) issued a no-action letter (No-Action Letter 20-25) relating to the swap clearing requirement promulgated pursuant to section 2(h)(1)(A) of the Commodity Exchange Act (CEA) and codified in Part 50 of the CFTC’s regulations (Clearing Requirement).
Continue Reading CFTC No-Action Letter 20-25: CFTC Provides Time-Limited Relief from the Swap Clearing Requirement

By a vote of 3-2, on July 23, the Commodity Futures Trading Commission adopted its Final Cross-Border Swaps Rulemaking (Final Cross-Border Rule), which codifies several parts of the CFTC’s existing interpretive guidance and policy statement on the subject. Among other things, the Final Cross-Border Rule establishes key definitions, some of which are revised definitions of existing terms used in the interpretive guidance (e.g., the definition of “U.S. Person”) and others which are new. The rule also addresses which cross-border swaps must be considered for the purposes of the swap dealer registration threshold.
Continue Reading CFTC Adopts Final Cross-Border Swap Rulemaking; Staff Issues No-Action Relief for ANE Transactions

On July 17, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) announced that it has extended the time period for the no-action relief provided in CFTC Staff Letter No. 20-16 to registrants listing new principals and to applicants for registration as associated persons (APs) from the requirement to submit a fingerprint card.
Continue Reading CFTC Extends Relief on Fingerprinting Due to COVID-19

On April 24, at the request of the National Futures Association (NFA), the staff of the Commodity Futures Trading Commission (CFTC) issued a no-action letter providing regulatory relief to principals of registrants and applicants for associated person (AP) registration with respect to submission of fingerprint cards.
Continue Reading CFTC and NFA Issue Temporary No-Action Relief for Principal or Associated Person Listings/Registrations

On April 22, the Commodity Futures Trading Commission (CFTC) published a no-action letter providing guidance for futures commission merchants (FCMs) and introducing brokers (IBs) in connection with calculating the FCM’s or IB’s net capital under CFTC Regulation 1.17. Pursuant to the no-action letter, the CFTC will not bring an enforcement action against an FCM or…

On January 8, the Commodity Futures Trading Commission Division of Market Oversight issued a no-action letter (the Letter) supplementing the relief provided in CFTC Letter 17-27. CFTC Letter 17-27 generally permitted swap execution facilities (SEFs) and designated contract markets (DCMs) to correct clerical or operational errors discovered after a swap has been cleared.
Continue Reading CFTC Issues No-Action Letter Supplementing Relief to SEFs and DCMs

On November 4, the Securities and Exchange Commission extended temporary no-action relief to firms that are regulated in the United States in connection with their efforts to comply with the research provisions of the European Union’s Markets in Financial Instruments Directive II (MiFID II). Under the extension, the SEC staff will not recommend enforcement action…