On April 5th, the CFTC's Division of Market Oversight issued a no-action letter stating that it will not recommend enforcement action against an entity that is neither an SD nor an MSP, including all end-users, for failing to report under Part 45 of the CFTC's regulations, commodity options otherwise qualifying for the Part 32 trade option exemption, provided that the non-SD/MSP: (1) reports such transactions pursuant to Form TO and (2) notifies DMO if it transacts in excess of $1 billion notional value of trade options in any calendar year. Additionally, DMO will not recommend that the CFTC commence an enforcement action against a non-SD/MSP, with respect to commodity options otherwise qualifying for the Part 32 trade option exemption, that complies with section 45.2 of the CFTC's regulations (and no other recordkeeping provisions of Part 45) for purposes of satisfying its Part 32 trade option exemption recordkeeping requirements, provided that the non-SD/MDP: (1) obtains and provides a legal entity identifier to any SD or MSP counterparty to its trade options and (2) notifies DMO if it transacts in excess of $1 billion notional value of trade options in any calendar year. CFTC Press Release.