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CFTC Staff Grants No-Action Relief for Registrants Facing COVID-19-Related Compliance Challenges

The CFTC Division of Market Oversight ("DMO") and Division of Swap Dealer and Intermediary Oversight ("DSIO") issued a series of no-action relief letters to registrants as COVID-19 continues to pose compliance challenges.

The DSIO provided temporary relief to futures commission merchants ("FCMs") and introducing brokers ("IBs"), swap dealers ("SDs") and retail foreign exchange dealers, respectively, (i) from recording oral communications that take place via telephone or through other forms of telephonic communications, (ii) from complying with time-stamping requirements as to personnel located in a "socially-distanced" location, and (iii) for FCMs and SDs, 30 days for submitting annual compliance reports. In addition, DSIO provided (i) an exemption for floor brokers from having to be physically located on the premises of a designated contract market; and (ii) for designated contract markets ("DCMs") and swap execution facilities ("SEFs") and relief from time-stamping requirements when in a socially-distanced location.

The DMO also provided temporary relief to SEFs and DCMs. For SEFs, Letters 20-07 and 20-08 provide relief from requirements related to recording oral communications and from the deadlines for preparing certain reports, including the annual compliance report. For DCMs, Letter 20-09 provides relief from audit trail and related requirements concerning the displacement of market participants from the DCM premises.

Primary Sources

  1. CFTC No-Action Letter 20-09: No-Action Relief to Designated Contract Markets to Facilitate Physical Separation of Personnel in Response to the COVID-19 Pandemic
  2. CFTC No-Action Letter 20-08: No-Action Positions for Swap Execution Facilities to Extend Submission Timeframes for Annual Compliance Reports and Fourth Quarter Financial Reports in Response to the COVID-19 Pandemic
  3. CFTC No-Action Letter 20-07: No-Action Positions for Swap Execution Facilities to Facilitate Physical Separation of Voice Trading Personnel in Response to the COVID-19 Pandemic
  4. CFTC No-Action Letter 20-06: No-Action Positions for Swap Dealers to Facilitate Physical Separation of Personnel in Response to the COVID-19 Pandemic
  5. CFTC No-Action Letter 20-05: No-Action Positions for Retail Foreign Exchange Dealers to Facilitate Physical Separation of Personnel in Response to the COVID-19 Pandemic
  6. CFTC No-Action Letter 20-04: No-Action Positions for Floor Brokers to Facilitate Physical Separation of Personnel in Response to the COVID-19 Pandemic
  7. CFTC No-Action Letter 20-03: No-Action Positions for Futures Commission Merchants and Introducing Brokers to Facilitate Physical Separation of Personnel in Response to the COVID-19 Pandemic
  8. CFTC No-Action Letter 20-02: No-Action Positions for Certain Members of Designated Contract Markets and Swap Execution Facilities to Facilitate Physical Separation of Personnel in Response to the COVID-19 Pandemic
  9. CFTC Press Release: CFTC Provides Relief to Market Participants in Response to COVID-19

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Tags

Regulated Activities
Business Continuity Recordkeeping Trade Reporting
Sub-Activity
Coronavirus
Regulated Entities
FCMs and IBs, Floor Brokers Markets Swap Dealers / SBSDs
Sub-Entity
SEFs / SBSEFs, Exchanges / Contract Markets
Body of Law
CEA Regulation
Jurisdiction
US - Federal
Organization
CFTC, NFA, CFTC Markets
Sub-Author
CFTC