On December 5, the Commodity Futures Trading Commission issued a no-action letter to BNP Paribas (BNP), exempting BNP, Fortis Bank S.A./N.V. (Fortis) and their respective affiliates from speculative position limits in connection with BNP’s acquisition of Fortis. The no-action relief is limited only to aggregated positions created by the acquisition and is conditioned on implementation of prospective compliance measures by BNP and Fortis no later than January 15, 2009.