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Commodities Futures Trading Commission No-Action Relief

The United States Commodities Futures Trading Commission was created in 1974 to regulate commodity futures and option markets. The Commission’s mission is to protect market participants and the public from... more +
The United States Commodities Futures Trading Commission was created in 1974 to regulate commodity futures and option markets. The Commission’s mission is to protect market participants and the public from fraud, abuse, and systemic risk associated with derivatives subject to the Commodities Exchange Act. In 2010, as a result of the Frank-Dodd Wall Street Reform and Consumer Protection, the Commission’s role was expanded to include drafting rules for regulating the swaps marketplace. less -

Derivatives In Review - May 2017

CME and LCH Amend Rulebooks on Variation Margin - Market participants historically have characterized cleared derivatives as being "collateralized-to-market", treating variation margin transfers as daily collateral...more

US and EU Regulators Provide Relief for Compliance with Variation Margin Requirements

by White & Case LLP on

The CFTC, the Federal Reserve Board and the Office of the Comptroller of the Currency have taken action to extend the period during which Swap Dealers can comply with the requirement to post and collect variation margin under...more

Derivatives: Non-Cleared Swaps Variation Margin Update – Limited Relaxed Enforcement by the CFTC, Prudential Regulators and...

by Liskow & Lewis on

Recently, the U.S. Commodity Futures Trading Commission (“CFTC”), the U.S. Prudential Regulators and the European Supervisory Authorities (“ESAs”) have offered limited relief from or guidance for relaxed enforcement of...more

"Regulators Provide Some Flexibility on the Swaps Variation Margin Compliance Deadline"

On February 23, 2017, U.S. federal banking regulators (Prudential Regulators), European regulators and the International Organization of Securities Commissions (IOSCO) issued statements clarifying their expectations on...more

CFTC Issues Time-Limited No-Action Relief for Aggregation Notice Filings for Position Limits

On February 6, 2017, the U.S. Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight issued a time-limited no-action letter providing relief for notice filing failures that relied on certain aggregation...more

CFTC Issues No-Action Relief for Swap Dealers Complying with the EU Margin Rules

by White & Case LLP on

The CFTC has issued no-action relief for Swap Dealers that are subject to, and in compliance with, the EU margin rules but fail to comply with certain provisions of the CFTC’s margin rules for the period from February 4, 2017...more

CFTC Extends Deadline for Notice Filings under Amended Position-Limit Aggregation Rules

by Ropes & Gray LLP on

On February 6, 2017, the Division of Market Oversight of the U.S. Commodity Futures Trading Commission (the “CFTC”) issued temporary no-action relief from the notice filing requirements applicable to persons who rely on...more

CFTC Permits Unaudited Financial Statements Upon Liquidation of a Series of a Pool That is Also a Registered Investment Company

by K&L Gates LLP on

The Commodity Futures Trading Commission (“CFTC” or “Commission”) has provided general exemptive relief to persons registered as commodity pool operators (“CPO”) under the Commodity Exchange Act that operate commodity pools...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Special Purpose National Bank Charters for FinTech Companies - On December 2, 2016, Comptroller of the Currency, Thomas J. Curry, announced that the Office of the Comptroller of the...more

No-Action Relief Allowing Use of Consolidated Risk Disclosure Statement

On November 30, 2016, the U.S. Commodity Futures Trading Commission‘s Division of Swap Dealer and Intermediary Oversight provided no-action relief to futures commission merchants (FCMs) and introducing brokers (IBs), allowing...more

CFTC Division of Market Oversight Reminds Market Participants of the Upcoming Expiration of Certain No Action Relief From the...

On November 16, 2016, the U.S. Commodity Futures Trading Commission (the “CFTC“) issued a reminder that previously specified no-action relief will shortly be expiring. On November 18, 2016, at 12:00 a.m. Eastern time, revised...more

US Commodity Futures Trading Commission Extends Time-Limited No-Action Relief for Swap Execution Facilities from Certain “Block...

by Shearman & Sterling LLP on

The US Commodity Futures Trading Commission Division of Market Oversight (DMO) extended time-limited no-action relief to swap execution facilities from certain requirements in the definition of “block trade” in CFTC...more

CFTC Extends No-Action Relief for Swap Execution Facilities from Certain “Block Trade” Requirements

On October 7, 2016, the U.S. Commodity Futures Trading Commission (“CFTC“) Division of Market Oversight extended time-limited no-action relief for swap execution facilities from the “occurs away” requirement from the...more

CFTC Proposes Permanent Registration Relief to Certain Non-US Asset Managers

by Morgan Lewis on

The amendments to the CFTC’s registration rules will codify no-action relief that permits non-US asset managers to rely on an exemption from the requirement to register with the CFTC by virtue of trading uncleared swaps in...more

US Commodity Futures Trading Commission Extends No-Action Relief to SEFs and DCMs from Certain CFTC Regulations for Correction of...

by Shearman & Sterling LLP on

The US Commodity Futures Trading Commission issued a no-action letter extending the relief provided in CFTC Letter No. 15-24, which expires on June 15, 2016. That no-action letter provides relief to swap execution facilities...more

Orrick's Financial Industry Week in Review

FHFA Releases 2015 Report to Congress - On June 15, 2016, the Federal Housing Finance Agency's "Report to Congress" for 2015 was released. The document, required under federal law, analyzes Fannie Mae, Freddie Mac and...more

The Delta Report - June 2016

by White & Case LLP on

White & Case LLP is proud to introduce the first edition of our derivatives newsletter, The Delta Report. In each issue, we will highlight recent key regulatory developments across the Americas, Europe and Asia and discuss...more

CFTC Extends No-Action Relief to SEFs and DCMs from Certain CFTC Regulations for Correction of Errors

The U.S. Commodity Futures Trading Commission (CFTC) extended the relief contained in CFTC Letter No. 15-24 that allowed swap execution facilities and designated contract markets to correct certain errors that would lead to a...more

No-Action Relief Regarding Masking Information Reportable under the OCR Final Rule

On April 8, the U.S. Commodity Futures Trading Commission’s (“CFTC”) Division of Market Oversight issued a no-action letter regarding the masking of information reportable under the ownership and control final rule (the “OCR...more

Bridging the Week - April 2016 #2

CFTC Again Extends Deadlines for New OCR Compliance; Puts Pressure on FCM Clients Who Will Not Provide Adequate Information Regarding Trading Control - Late last week, staff of the Division of Market Oversight of the...more

European Commission Adopts Equivalence Decision in Regards to US CFTC-Registered CCPs

On March 15, the European Commission (the Commission) adopted an equivalence decision in regards to US central counterparties (CCPs). The equivalence decision will allow CCPs authorized and registered with the Commodity...more

CFTC Issues No Action Relief for EU-Based DCOs Authorized to Operate in EU

Following on a joint statement by the Commodity Futures Trading Commission and European Commission announcing a common approach to the regulation of central counterparties (CCPs), the CFTC published a comparability...more

Corporate and Financial Weekly Digest - Volume XI, Issue 11

CFTC - CFTC Approves Final Rule Eliminating Certain Reporting and Recordkeeping Requirements for Trade Option End-Users - On March 16, the Commodity Futures Trading Commission unanimously approved a final rule...more

Bridging the Week - March 2016 #2

Federal Court Allows Former Hedge Fund Operator’s Lawsuit Alleging Civil Rights Violations to Proceed Against US Attorney and Other Government Officials: A federal court in New York City refused to dismiss a lawsuit against...more

No-Action Relief from CFTC Rule 3.10(c)(3) Clearing Requirement

by White & Case LLP on

CFTC grants no-action relief regarding the application of the exemption in CFTC Rule 3.10(c)(3) to swaps that are not subject to a clearing requirement. On February 12, 2016 the Commodity Futures Trading Commission...more

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