Post by bot on Sept 28, 2013 14:29:27 GMT -5
Exemptive, No-Action, & Interpretative Letters for CFTC.gov.
links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwOTI4LjIzNDk3ODgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDkyOC4yMzQ5Nzg4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3Nzk3MTc1JmVtYWlsaWQ9amltdGFrZWRhQGdtYWlsLmNvbSZ1c2VyaWQ9amltdGFrZWRhQGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&100&&&http://www.cftc.gov/LawRegulation/CFTCStaffLetters/index.htm
The following letter has been added:
13-53; Sections 5b(a) and 5(d)(11)(A) of the Act; Commission Regulation 38.601; No-Action; September 27, 2013
The Divisions of Market Oversight and Clearing and Risk (Divisions) issued a no-action letter confirming that the Divisions will not recommend that the Commission commence an enforcement action against (1) LCH.Clearnet Ltd (LCH) and its clearing members, if LCH clears futures contracts and options on futures contracts (Nodal Contracts) listed for trading on Nodal Exchange, LLC, an exempt commercial market that has applied for designation as a contract market (DCM), before LCH is authorized to provide such clearing services under an amended DCO registration order, in accordance with Section 5b(a) of the CEA and Commission regulations thereunder; and (2) Nodal, if Nodal Contracts are cleared by LCH before it is authorized to clear such transactions, as required by Section 5(d)(11)(A) of the CEA and Commission Regulation 38.601. The no-action relief is subject to the following conditions: (1) the relief is limited to the class of Nodal Contracts currently accepted for clearing by LCH amendment; (2) the relief applies to current and future clearing members of LCH that clear Nodal Contracts; (3) as soon as technologically practicable on the effective date of Nodal’s designation as a DCM, LCH and all of its clearing members that clear Nodal Contracts must ensure that all customer positions in Nodal Contracts and related customer property are held in segregated accounts as required by, and in accordance with, Section 4d of the CEA and Commission regulations thereunder, as may be amended from time to time; and (4) the relief shall expire on the earlier of: (i) March 31, 2014 or (ii) the date upon which the Commission approves or denies LCH’s application for an amended DCO registration order to permit it to clear all futures and options on futures, including Nodal Contracts.
13-54; Regulation 40.2(a)(2); No-Action; September 27, 2013
The Division of Market Oversight (DMO) issued a no-action letter advising Nodal Exchange, LLC. (Nodal), an exempt commercial market that has applied to be designated as a contract market (DCM), that DMO will not recommend that the Commission initiate an enforcement action against Nodal if it lists products for trading by certification under Commission Regulation 40.2(a)(2) on the first day it operates as a DCM, and offers those products for trading on that date. DMO recognizes that requiring Nodal to comply with Commission Regulation 40.2(a)(2), which requires a DCM that proposes to list a new product pursuant to the self-certification procedures set forth in that regulation to provide notice and a copy of the terms and conditions of the futures contract one business day in advance of making the contract available for trading, would potentially disrupt Nodal’s market operations and impact the ability of LCH.Clearnet Ltd. and Nodal participants to manage the risks associated with those open positions in a material and detrimental manner.
13-55; Parts 43 and 45 of the Commission’s Regulations; No-Action; September 27, 2013
The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (Division) issued a letter providing temporarily registered swap execution facilities (SEFs) with relief from certain swap data reporting requirements of Parts 43 and 45 of the Commission’s Regulations with respect to certain swaps in the equity, foreign exchange (FX) and other commodity asset classes executed on, or pursuant to, the rules of a SEF, and subject to conditions specified in the letter. The relief expires no later than 12:01 a.m. eastern time on October 30, 2013 for swaps executed in the FX asset class, and 12:01 a.m. eastern time on December 2, 2013 for swaps executed in the equities and other commodity asset classes.
13-56; Section 45.4 of the Commission’s Regulations; No-Action; September 27, 2013
The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (Division) issued a letter providing counterparties to swap transactions with relief from the continuation data reporting requirements of section 45.4 of the Commission’s regulations for certain uncleared swaps in the equity, foreign exchange (FX) and other commodity asset classes, executed on or pursuant to the rules of a temporarily registered swap execution facility (SEF) and subject to conditions specified in the letter. The relief expires no later than October 29, 2013 for swaps executed in the FX asset class, and December 1, 2013 for swaps executed in the equity and other commodity asset classes.
13-57; Commission Regulations 37.200(a), 37.200(b), 37.201(b)(1), 37.201(b)(3), 37.201(b)(5), 37.202(b) and 37.203; No-Action; September 27, 2013
The Division of Market Oversight of the Commodity Futures Trading Commission (“Commission”) is issuing this letter to provide time-limited no-action relief for temporarily registered swap execution facilities (“SEFs”) from any enforcement responsibilities under Commission regulations 37.200(a), 37.200(b), 37.201(b)(1), 37.201(b)(3), 37.201(b)(5), 37.202(b) and 37.203 with respect to market participants trading on those SEFs. The Division emphasizes that while this letter relieves SEFs from certain enforcement responsibilities with respect to participants in their markets, this letter does not relieve SEFs from their current regulatory responsibility to establish and maintain the rules, systems and procedures necessary to carry out those enforcements responsibilities. The no-action relief in this letter only applies to entities that have achieved temporary registration status as SEFs as of October 2nd. This no-action relief shall commence on the date of issuance of this letter and shall expire on November 1, 2013 at 12:01 am EST.
links.govdelivery.com/track?type=click&enid=ZWFzPTEmbWFpbGluZ2lkPTIwMTMwOTI4LjIzNDk3ODgxJm1lc3NhZ2VpZD1NREItUFJELUJVTC0yMDEzMDkyOC4yMzQ5Nzg4MSZkYXRhYmFzZWlkPTEwMDEmc2VyaWFsPTE3Nzk3MTc1JmVtYWlsaWQ9amltdGFrZWRhQGdtYWlsLmNvbSZ1c2VyaWQ9amltdGFrZWRhQGdtYWlsLmNvbSZmbD0mZXh0cmE9TXVsdGl2YXJpYXRlSWQ9JiYm&&&100&&&http://www.cftc.gov/LawRegulation/CFTCStaffLetters/index.htm
The following letter has been added:
13-53; Sections 5b(a) and 5(d)(11)(A) of the Act; Commission Regulation 38.601; No-Action; September 27, 2013
The Divisions of Market Oversight and Clearing and Risk (Divisions) issued a no-action letter confirming that the Divisions will not recommend that the Commission commence an enforcement action against (1) LCH.Clearnet Ltd (LCH) and its clearing members, if LCH clears futures contracts and options on futures contracts (Nodal Contracts) listed for trading on Nodal Exchange, LLC, an exempt commercial market that has applied for designation as a contract market (DCM), before LCH is authorized to provide such clearing services under an amended DCO registration order, in accordance with Section 5b(a) of the CEA and Commission regulations thereunder; and (2) Nodal, if Nodal Contracts are cleared by LCH before it is authorized to clear such transactions, as required by Section 5(d)(11)(A) of the CEA and Commission Regulation 38.601. The no-action relief is subject to the following conditions: (1) the relief is limited to the class of Nodal Contracts currently accepted for clearing by LCH amendment; (2) the relief applies to current and future clearing members of LCH that clear Nodal Contracts; (3) as soon as technologically practicable on the effective date of Nodal’s designation as a DCM, LCH and all of its clearing members that clear Nodal Contracts must ensure that all customer positions in Nodal Contracts and related customer property are held in segregated accounts as required by, and in accordance with, Section 4d of the CEA and Commission regulations thereunder, as may be amended from time to time; and (4) the relief shall expire on the earlier of: (i) March 31, 2014 or (ii) the date upon which the Commission approves or denies LCH’s application for an amended DCO registration order to permit it to clear all futures and options on futures, including Nodal Contracts.
13-54; Regulation 40.2(a)(2); No-Action; September 27, 2013
The Division of Market Oversight (DMO) issued a no-action letter advising Nodal Exchange, LLC. (Nodal), an exempt commercial market that has applied to be designated as a contract market (DCM), that DMO will not recommend that the Commission initiate an enforcement action against Nodal if it lists products for trading by certification under Commission Regulation 40.2(a)(2) on the first day it operates as a DCM, and offers those products for trading on that date. DMO recognizes that requiring Nodal to comply with Commission Regulation 40.2(a)(2), which requires a DCM that proposes to list a new product pursuant to the self-certification procedures set forth in that regulation to provide notice and a copy of the terms and conditions of the futures contract one business day in advance of making the contract available for trading, would potentially disrupt Nodal’s market operations and impact the ability of LCH.Clearnet Ltd. and Nodal participants to manage the risks associated with those open positions in a material and detrimental manner.
13-55; Parts 43 and 45 of the Commission’s Regulations; No-Action; September 27, 2013
The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (Division) issued a letter providing temporarily registered swap execution facilities (SEFs) with relief from certain swap data reporting requirements of Parts 43 and 45 of the Commission’s Regulations with respect to certain swaps in the equity, foreign exchange (FX) and other commodity asset classes executed on, or pursuant to, the rules of a SEF, and subject to conditions specified in the letter. The relief expires no later than 12:01 a.m. eastern time on October 30, 2013 for swaps executed in the FX asset class, and 12:01 a.m. eastern time on December 2, 2013 for swaps executed in the equities and other commodity asset classes.
13-56; Section 45.4 of the Commission’s Regulations; No-Action; September 27, 2013
The Commodity Futures Trading Commission’s (CFTC) Division of Market Oversight (Division) issued a letter providing counterparties to swap transactions with relief from the continuation data reporting requirements of section 45.4 of the Commission’s regulations for certain uncleared swaps in the equity, foreign exchange (FX) and other commodity asset classes, executed on or pursuant to the rules of a temporarily registered swap execution facility (SEF) and subject to conditions specified in the letter. The relief expires no later than October 29, 2013 for swaps executed in the FX asset class, and December 1, 2013 for swaps executed in the equity and other commodity asset classes.
13-57; Commission Regulations 37.200(a), 37.200(b), 37.201(b)(1), 37.201(b)(3), 37.201(b)(5), 37.202(b) and 37.203; No-Action; September 27, 2013
The Division of Market Oversight of the Commodity Futures Trading Commission (“Commission”) is issuing this letter to provide time-limited no-action relief for temporarily registered swap execution facilities (“SEFs”) from any enforcement responsibilities under Commission regulations 37.200(a), 37.200(b), 37.201(b)(1), 37.201(b)(3), 37.201(b)(5), 37.202(b) and 37.203 with respect to market participants trading on those SEFs. The Division emphasizes that while this letter relieves SEFs from certain enforcement responsibilities with respect to participants in their markets, this letter does not relieve SEFs from their current regulatory responsibility to establish and maintain the rules, systems and procedures necessary to carry out those enforcements responsibilities. The no-action relief in this letter only applies to entities that have achieved temporary registration status as SEFs as of October 2nd. This no-action relief shall commence on the date of issuance of this letter and shall expire on November 1, 2013 at 12:01 am EST.
