On December 7th, the CFTC's Division of Swap Dealer and Intermediary Oversight issued a letter providing guidance to securitization vehicles regarding whether they may be excluded from the definition of a commodity pool. The letter stated that the Division will not recommend enforcement action against the operators of certain securitization vehicles that have not and will not issue new securities on or after October 12, 2012 for failure to register as a commodity pool operator, provided certain criteria are satisfied. The letter further states that, for securitization vehicles that cannot claim relief either under this letter or CFTC Letter No. 12-14, the Division will not recommend enforcement action against operators of securitization vehicles for failure to register as a commodity pool operator until March 31, 2013.