No-Action Letters

No-action letter issued to swap dealers to extend collateral rule deadline due to limitations with custodial accounts. The CFTC’s Division of Swap Dealer and Intermediary Oversight announced that it has issued a time-limited no-action letterstating that it will not recommend an enforcement action against a swap dealer subject to the September 1, 2016 compliance date for the CFTC’s uncleared swap margin rules, subject to certain conditions, for failing to fully comply with the custodial arrangement requirements of CFTC regulation 23.157 before October 3, 2016. (9/1/2016) Chairman Massad Statement.

Requests for Comment

CFTC seeks comments on proposed amendments to Whistleblower Rules. The CFTC announced its request for comment on proposed amendments to the Whistleblower Rules found in Part 165 of its Regulations. The amendments would enhance the process for reviewing whistleblower claims and make related changes to clarify staff authority to administer the whistleblower program. The proposal would further strengthen the CFTC’s anti-retaliation authority to provide whistleblowers with protection from retaliation through CFTC enforcement action under the Commodity Exchange Act. Comments must be submitted by September 29, 2016. (9/1/2016)

Comment period extended on proposed amendments to Regulation 4.22 regarding CPO Annual Reports. The CFTC announced its extension of the comment period on its proposed amendments to Regulation 4.22, which concerns the Annual Report that each commodity pool operator registered or required to be registered with the CFTC must distribute for each commodity pool that it operates. The comment period deadline is now September 20, 2016. (8/30/2016)