Office of the General Counsel ("OGC") issued a no-action letter providing time-limited relief from requirements arising from the CFTC-SEC joint interpretation that compo equity total return swaps are mixed swaps, subject to regulation by both the CFTC and the SEC. The no-action letter provides that OGC will not recommend that the CFTC commence action against any person in connection with any failure of such person to comply with the CFTC Rules (other than those relating to anti-fraud and anti-manipulation authority) to the extent such failure arises solely because such person treats a compo

The CFTC's Division of Clearing and Risk ("DCR") issued a letter stating that DCR will not recommend that the CFTC take action against Singapore Exchange Derivatives Clearing Limited ("SGX-DC") for failing to register as a derivatives clearing organization ("DCO") under CEA Section 5b(a), and will not recommend action against SGX-DC's clearing members for failing to register as futures commission merchants ("FCMs") under CEA Section 4d(f)(1). This relief is in relation to the clearing and carrying of existing or new positions in certain commodity swaps for U.S. customers. This relief will be

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") today issued a letter providing that the Division will not recommend that the CFTC take enforcement action against the CPOs of investment pools that invest in securitization vehicles that comply with the terms of the no-action relief set forth in the 12-45 letter. Lofchie Comment: The issue arose because in Letter 12-45, the CFTC had provided that the operators of certain securitization vehicles were not required to register as CPOs, but maintained that the vehicles were themselves pools. While this approach was acceptable as

The CFTC's Division of Market Oversight ("DMO") issued a letter providing reporting parties under CFTC Rules Parts 45 and 46 with time-limited, no-action relief from requirements to report certain identifying information regarding their non-reporting counterparties. To avail themselves of the relief, reporting parties must first meet specific criteria set forth in the no-action letter, and must also comply with certain conditions attached to the relief. The relief expires no later than April 10, 2013. See: CFTC Letter 12-65: Part 45 and Part 46; No-Action.

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