On March 28th, the Division of Swap Dealer and Intermediary Oversight issued a no-action letter that provides certain futures commission merchants with limited relief surrounding the requirement that chief compliance officers of such FCMs prepare and submit an annual report. The relief is applicable to all FCMs that were registered with the CFTC as of June 4, 2012 and are not currently regulated by a U.S. prudential regulator or registered with the SEC. CFTC Press Release.