The CFTC Division of Swap Dealer and Intermediary Oversight issued an advisory that provides guidance regarding requirements imposed on commodity trading advisors ("CTAs") resulting from Dodd-Frank. Dodd-Frank amended the statutory definition of CTA to include any person who engages in the business of advising others on swaps. As a result, provisions of the CEA and CFTC Rules applicable to CTAs may result in new advisory obligations. Additionally, according to the advisory, certain CTAs who were previously exempt from registration with the CFTC are now required to register due to the CFTC’s

The CFTC Division of Market Oversight issued a no-action letter providing conditional time-limited relief to Australian-based trading platform Yieldbroker Pty Limited from failure to register as a swap execution facility ("SEF") under CEA Section 5h(a)(1) or CFTC Rule 37.3(a)(1) for a period expiring on the earlier of May 15, 2014, or when Yieldbroker achieves SEF registration status. This no-action letter supersedes all terms and conditions of CFTC Letter 13-67, which was issued to Yieldbroker on October 30, 2013. See: CFTC Letter 13-76. Related news: CFTC Extends Time-Limited No-Action

The CFTC Division of Swap Dealer and Intermediary Oversight, the Division of Clearing and Risk, and the Division of Market Oversight granted no-action relief in response to a request from the Hongkong and Shanghai Banking Corporation ("HBAP") in which HBAP requested that the CFTC provide relief from the "Entity-Level and Transaction-Level Requirements . . . that may become applicable to HBAP in its capacity as a provisionally registered swap dealer" ("SD") upon the expiration of the CFTC's Exemptive Order on December 21, 2013. HBAP submitted an application to the National Futures Association (

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") issued a no-action letter that provides relief for certain Introducing Brokers ("IBs") from certain financial reporting and capital computation requirements under CFTC Rule 1.10 ("Financial Reports of Futures Commission Merchants and Introducing Brokers") and Rule 1.17 (" Minimum Financial Requirements for Futures Commission Merchants and Introducing Brokers"). The relief provided in the letter states that DSIO will not recommend an enforcement action concerning three separate areas: treatment of liabilities to employees

The CFTC Division of Swap Dealer and Intermediary Oversight issued a no-action letter providing additional relief from the aggregation requirement of CFTC Rule 1.3(ggg)(4)(i) and certain conditions under Rule 1.3(ggg)(6)(iv). The relief is intended to permit the execution of swaps by floor traders without requiring them or their affiliates to register as swap dealers by reason of exceeding the de minimis tests. See: CFTC Letter 13-80.