CFTC Provides Additional Information Concerning its Existing No-Action Relief for Reporting Parties Regarding LEIs and Certain Identifying Information

CFTC's Division of Market Oversight ("DMO") has provided additional information pertaining to its existing no-action (CFTC Letter No. 12-46) relief for reporting parties under CFTC Rules Parts 20, 45 and 46. The additional information provided specifies that reporting parties eligible for relief pursuant to CFTC Letter No. 12-46 may meet the Letter's requirement for a "written opinion of outside legal counsel" through a legal memorandum from outside legal counsel that includes the following attestation:

"We confirm that the rigor of the analysis we provided in our memorandum was no less extensive or involved than if we were to provide the same analysis in the form of a written, legal opinion. We confirm that we consider our memorandum to represent advice for which our firm takes full responsibility. We would, therefore, be obliged to stand behind such advice equally as we would for advice delivered in the form of a legal opinion."

Reporting parties may also continue to provide a written opinion of outside legal counsel as a means of satisfying the relevant conditions for no-action in CFTC Letter No. 12-46. DMO is also announcing that reporting parties may use more than one Privacy Law Identifier ("PLI") to meet the PLI requirements in CFTC Letter No. 12-46.

See: CFTC Letter 12-46: Part 20, Part 45 and Part 46; No-Action.See also: CFTC Press Release.Related news item: In Response to Concerns Over Non-U.S. Privacy Laws, CFTC Issues Time-Limited No-Action Relief for Part 20 Reporting Entities, and for Parts 45 and 46 Reporting Counterparties Regarding LEIs.