No-Action Relief

News & Analysis as of

CFTC Extends Relief to FCMs from Certain Commingling Requirements

On April 7, the Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) issued CFTC No-Action Letter No. 14-45, extending to June 30 the relief previously granted in CFTC No-Action...more

SEC Staff Grants No-Action Relief to Permit Fund to Implement Subadvisory Arrangement Prior to Shareholder Approval

The staff of the SEC’s Division of Investment Management granted no-action relief from Section 15(a) of the Investment Company Act of 1940, as amended (the “1940 Act”), that will permit a registered fund (the “Fund”) to enter...more

Financial Regulatory Developments Focus - March 25, 2014

In this issue: - Derivatives - Compensation - Regulatory Capital - Financial Market Infrastructure - Funds Enforcement - Events Hearings - People - Excerpt from...more

CFTC Provides Time-Limited No-Action Relief to Certain Affiliated Swap Counterparties

The CFTC has issued two separate no-action relief letters to provide time-limited no-action relief pertaining to swaps between certain affiliated counterparties. The letters both pertain to CFTC Regulation 50.52, which...more

SEC Issues No-Action Relief to Broker Dealers from Financial Responsibility Rule 15c3-3 Amendments

On February 26, the Securities and Exchange Commission’s Division of Trading and Markets granted two separate requests for no-action relief, one submitted by the Securities Industry and Financial Markets Association (SIFMA)...more

Business Brokers Get “No-Action” Relief from SEC

Business intermediaries who facilitate the purchase or sale of privately-held businesses for a success fee based on the size of the completed acquisition may no longer have to be concerned about registering as broker-dealers...more

SEC Staff Grants No-Action Relief to Affiliated Securities Lending Agent

The staff of the SEC’s Division of Investment Management granted no-action relief from Section 17(e)(1) of the Investment Company Act of 1940 (the “1940 Act”) to permit an affiliated securities lending agent to negotiate...more

CFTC Issues No-Action Relief Regarding 30.7 Accounts

On January 10, the Division of Swap Dealer and Intermediary Oversight (DSIO) of the Commodity Futures Trading Commission issued time-limited relief to a registered futures commission merchant (FCM) with respect to certain of...more

Corporate and Financial Weekly Digest - Volume IX, Issue 6

In this issue: - SEC Division of Corporation Finance Issues Guidance on Rule 506(c) Private Placements - SEC Issues No-action Relief Regarding Registration of M&A Brokers - CFTC Issues Guidance on New...more

SEC Provides No-Action Relief for M&A Brokers

SEC staff action may head off congressional action to exempt M&A Brokers from registration. On February 3, the staff of the Securities and Exchange Commission (SEC) issued a no-action letter that permits an M&A broker...more

Time-Limited No-Action Relief From Compliance With Certain Conditions Associated With the Receipt of Customer Funds by Futures...

On January 10, 2014, the US Commodity Futures Trading Commission's ("CFTC") Division of Swap Dealer and Intermediary Oversight (the "Division") issued a time-limited no-action letter in response to a letter sent on behalf of...more

Corporate and Financial Weekly Digest - Volume IX, Issue 3

In this issue: - CFTC Issues No-Action Relief to FCMs Relating to Enhanced Customer Protection Rules - Eleventh Circuit Upholds Directors’ Affirmative Defenses Based on FDIC’s Post-Receivership Conduct -...more

CFTC Staff Extends No-Action Relief for Transaction-Level Requirements in Certain Cross-Border Situations

In an action parallel with the request for public comment (see “CFTC Requests Comment on Staff Advisory Regarding the Applicability of Transaction Level Requirements,” above), on January 3, the Commodity Futures Trading...more

CFTC Staff Issues Extension of Time-Limited No-Action Relief to the Applicability of Transaction-Level Requirements to Activity in...

On January 3, 2014, the Divisions of Swap Dealer and Intermediary Oversight ("DSIO"), Clearing and Risk, and Market Oversight of the US Commodity Futures Trading Commission ("CFTC") issued an extension of the no-action relief...more

CFTC Issues No-Action Relief from Certain Swap Data Reporting Requirements

The Commodity Futures Trading Commission’s Division of Market Oversight has issued temporary no-action relief to non-US swap dealers (SDs) and non-US major swap participants (MSPs) established in Australia, Canada, the...more

NFA Requires Notice Filing from Registered Fund CPOs Reporting on a Consolidated Basis for Registered Fund Pools and Their...

The National Futures Association (the “NFA”) issued Notice to Members I-13-36 (the “NFA Notice”) which is directed at any commodity pool operator (“CPO”) of a registered investment company (a “RIC”) that has filed a notice...more

No-Action Relief Allows Business Development Companies to Hold Shares of Investment Advisers

In two separate no-action letters, the SEC staff quietly expanded the ability of business development companies (BDCs) to invest in registered investment advisers. Section 12(d)(3) of the Investment Company Act of 1940...more

CFTC Extends Relief from De Minimis Exception to Certain Non-US Affiliates

The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) issued no-action relief to non-US persons that are not guaranteed or conduit affiliates of US persons (Non-Guaranteed Non-US...more

It's Official - Offering Full Monetary Relief Without A Judgment Will Not Moot FLSA Case

Last year we reported on the Eleventh Circuit's decision in Zinni v. ER Solutions, Inc. (11th Cir., August 27, 2012), which seemed to signal that a defendant in a Fair Labor Standards Act case cannot moot the case by...more

CFTC Issues No-Action Relief and Interpretive Guidance Related to SEFs

As the date for compliance with swap execution facility (SEF) registration requirements approached, the Commodity Futures Trading Commission (the CFTC or Commission) issued a number of no-action letters and interpretive...more

CFTC Grants LCH.Clearnet Time-Limited No-Action Relief to Clear Swaps Executed on DCMs or SEFs

The Commodity Futures Trading Commission’s Division of Clearing and Risk (DCR) has granted time-limited no-action relief stating that it will not recommend that the CFTC take enforcement action against (i) LCH.Clearnet Ltd...more

Corporate and Financial Weekly Digest - September 27, 2013

In this issue: - SEC Adopts Municipal Advisor Registration Requirements - CFTC Grants LCH.Clearnet Time-Limited No-Action Relief to Clear Swaps Executed on DCMs or SEFs - Ninth Circuit Rejects Securities...more

CFTC Guidance on Cross-Border Application of United States Swap Regulations

Introduction - On July 12, 2013, the Commodity Futures Trading Commission (the “CFTC”) adopted interpretive guidance (the “Guidance”) that details the CFTC’s interpretation of the application of the Commodity Exchange...more

CFTC Grants Relief to CPOs Trading Through Subsidiaries

The Commodity Futures Trading Commission’s Division of Swap Dealer and Intermediary Oversight (DSIO) has granted no-action relief from certain reporting obligations to commodity pool operators (CPOs) of registered investment...more

SEC Grants Request for No-Action Relief with Respect to Multi-Day Pre-Fail and Post-Fail Credit Under Rule 204 of Regulation SHO

The Securities and Exchange Commission has granted a September 6 joint request for no-action relief submitted by the Financial Industry Regulatory Authority, the Chicago Board Options Exchange (CBOE) and C2 Options Exchange,...more

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