Clearing relief for swaps entered into with by eligible Treasury affiliates. The CFTC’s Division of Clearing and Risk issued a no-action letter providing relief from the clearing requirement, subject to certain conditions and requirements, to eligible treasury affiliates that enter into swaps that are subject to the clearing requirementin Section 2(h)(1) of the Commodity Exchange Act and part 50 of the CFTC’s regulations. Reporting of the election of this relief is not required until September 9, 2013. (6/4/2013) CFTC Letter No. 13-22.
Extension of time for certain pre-trade clearing requirements. The CFTC’s Division of Clearing and Risk has extended the compliance deadline for market participants to coordinate on the communication of limits for bunched orders for futures. The extension applies to the obligation of futures commission merchants clearing allocated futures trades to establish risk-based limits for each customer and enter into an agreement with the account manager requiring the account manager to screen orders for compliance with those limits. The extension of time is intended to provide sufficient time to transition to fully compliant pre-trade screening no later than September 1, 2013. (6/3/2013) CFTC Letter No. 13-21.
Registration relief for CPOs. The CFTC published a series of no-action letters previously issued by the Division of Swap Dealer and Intermediary Oversight, which concern the registration of commodity pool operators. Letter No. 13-17, Letter No. 13-18, and Letter No. 13-19 each granted no-action relief to the general partners of commodity pools from CPO registration under Section 4m(1) of the Commodity Exchange Act, and allowing an affiliated CPO to serve as the CPO of the pools instead. Letter No. 13-20 provided similar relief to a managing member of a CPO. (5/24/2013)
Omnibus reporting obligations. An advisory regarding the timely reporting requirements of CFTC Regulation 17.04(a) has been issued by the Division of Market Oversight. (5/22/2013) CFTC Letter No. 13-16.