On June 30th, the CFTC posted the draft of a staff "no-action" letter that would supplement exemptive relief recently proposed by the CFTC. The June 17, 2011 proposed exemptive relief and staff draft no-action letter would provide greater clarity during the transition to the new regulatory framework for swaps in light of the July 16, 2011 general effective date in Title VII of the Dodd-Frank Act. The draft no-action letter provides that the Division of Market Oversight and the Division of Clearing and Intermediary Oversight would not recommend that the CFTC commence an enforcement action against any person for failure to comply with certain Dodd-Frank Act swaps-related requirements. The proposed staff no-action letter would not limit the CFTC's applicable anti-fraud and anti-manipulation authority. CFTC Press Release.