No-Action Letters

News & Analysis as of

Others May Seek Swap Reporting Delay Like Southwest

Reuters has an interesting article about a no-action letter the CFTC issued to Southwest Airlines to permit a 15 calendar day delay in reporting oil derivative transactions. Southwest apparently convinced the CFTC that rapid...more

CFTC Issues Additional Relief for Family Offices

In November 2012, the CFTC's Division of Swap Dealer and Intermediary Oversight issued a no-action letter stating that the Division would not recommend that the CFTC take enforcement action against a family office for failure...more

Banking trade groups comment on CFPB’s proposed no-action letter policy

The American Bankers Association, American Bankers Insurance Association and Consumers Banking Association have submitted a joint comment letter on the CFPB’s proposed policy on issuing “no-action” letters for innovative...more

Investment Management Update

In This Issue: - SEC Announces First-of-Its-Kind Whistleblower Award To an Audit and Compliance Professional - SEC Issues No-Action Letter To Allow for Amendment of a Sub-Advisory Agreement without Shareholder...more

CFTC Grants Relief to Family Offices from Registration as Commodity Trading Advisor

On November 5, 2014, the U.S. Commodity Futures Trading Commission (CFTC) issued a no-action letter granting relief from registration as a commodity trading advisor (CTA) to family offices that qualify for the family office...more

Should Judicial Deference To The SEC Be Strong, Weak or Non-Existent?

This post yesterday by Broc Romanek alerted me to Judge Leonard P. Stark’s recent opinion in Trinity Wall Street v. Wal-Mart Stores, Inc., 2014 U.S. Dist. LEXIS 165431 (D. Del. Nov. 26, 2014). The case involved Wal-Mart’s...more

Court Says SEC Wrong to Permit Exclusion of Shareholder Proposal

The United States District Court for the District of Delaware held that the SEC was incorrect when it rendered a no-action letter permitting exclusion of a shareholder proposal submitted under Rule 18a-8 in Trinity Wall...more

CFTC Releases No-Action Letter 14-144

The letter modifies previous No-Action Letter 13-22, to expand relief for treasury affiliates entering into swaps on behalf of non-financial end-user affiliates that could otherwise elect the exception in section 2(h)(7) of...more

CFTC Provides Relief from the Clearing Requirement for Swaps Entered into by Eligible Treasury Affiliates

On November 26, CFTC issued a no-action letter providing additional relief for eligible treasury affiliates that enter into swaps that are subject to the clearing requirement in section 2(h)(1) of the Commodity Exchange Act...more

Orrick's Financial Industry Week in Review

Council of EU Agrees General Approach on Proposed Regulation on Securities Financing Transactions - On November 20, the Council of the EU published a press release reporting that its Permanent Representatives Committee...more

CFTC Gives Treasury Affiliates More Relief From Clearing Requirements

The CFTC issued a no-action letter providing further relief for eligible treasury affiliates that enter into swaps that are subject to the clearing requirement in section 2(h)(1) of the Commodity Exchange Act, or CEA, and...more

CFTC Grants Family Offices Relief From Registration as Commodity Trading Advisors

The CFTC previously granted family offices no-action relief from registration as commodity pool operators. That letter did not provide an exemption from registration as a commodity trading advisor. However, the CFTC has...more

No-Action Relief for Social Impact Financing Finder

The SEC issued a no-action letter on November 13, 2014 to Social Finance, Inc., indicating that it would not recommend enforcement action against Social Finance for its conduct as an intermediary in social impact bond (SIB)...more

CFTC Grants Relief to IB Entering Into Give-Up Arrangements

The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) granted no-action relief from the proviso in CFTC Regulation 1.57(a)(1), which requires an introducing broker (IB) that has...more

CFPB Proposes Policy on No-Action Letters

On October 16th the CFPB published for comment in the Federal Register a proposed new policy to formalize a process for issuing “no-action” letters for innovative financial products and services. The new process would allow...more

CFTC Extends Relief to FCMs from Certain Commingling Requirements

On October 30, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) extended indefinitely the relief previously granted in CFTC No-Action Letters Nos. 14-02, 14-45 and 14-88, as...more

CFPB Proposes No-Action Letter Policy for Innovative Products

The Consumer Financial Protection Bureau has proposed a no-action letter policy under which the agency would issue letters stating that its staff “has no present intention to recommend initiation of an enforcement or...more

Dodd-Frank News: October 2014: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

In This Issue: - RECENT CASES .. Mortgage Servicing Rules .. Antiretaliation Provision ..Credit Default Swaps Antitrust Litigation ..CFPB Involvement in Litigation - IN THE...more

CFPB Publishes Proposed Policy Regarding No-Action Letters

On October 10, the CFPB published for comment a proposal for a limited No-Action Letter policy, which appeared in the Federal Register on October 16. The proposed policy aims to “create a process to reduce the regulatory...more

CFTC Clarifies and Expands Relief Relating to Delegation of Commodity Pool Operator Responsibilities

On October 15, 2014, the Division of Swap Dealer and Intermediary Oversight (the “Division”) of the Commodity Futures Trading Commission (“CFTC” or “Commission”) issued CFTC No-Action Letter No. 14-126 (“Letter 14-126”),...more

CFTC Staff Issues Self-Executing Registration Relief for Certain Delegating CPOs

On October 15, 2014, the Commodity Futures Trading Commission (“CFTC”) staff issued Letter 14-126 (the “October Letter”), which provides self-executing registration relief to a commodity pool operator (“CPO”) of a fund that...more

CFPB Proposes Issuing No-Action Letters: Innovation at Too Much Cost and Uncertainty?

On October 10, 2014, the CFPB issued notice of and requested public comment on a proposed policy allowing CFPB staff to issue no-action letters (NALs) for “innovative financial products or services that substantially benefit...more

CFPB Proposes No-Action Letter Policy for Innovators

The CFPB published for comment in today’s Federal Register a proposed policy on issuing “no-action” letters for innovative financial products or services. Like those issued by the SEC and CFTC, the no-action letters would...more

CFTC Issues Relief from Certain Part 45 Requirements to Singapore Exchange Derivatives Clearing Limited

On October 8, the Commodity Futures Trading Commission’s Divisions of Market Oversight and Clearing and Risk (Divisions) issued No-Action Letter No. 14-122 providing relief to Singapore Exchange Derivatives Clearing Limited...more

CFPB Considering Issuing No-Action Letters

The CFPB has issued a proposed policy where it would issue no-action letters in limited circumstances. The proposed policy is designed for new financial products or services where there may be uncertainty about how they fit...more

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