CFTC Issues No-Action Letter on Applicablity of Oral Recording Requirements for Certain Members of SEFs (CFTC Letter 13-77)

The CFTC Division of Swap Dealer and Intermediary Oversight and the Division of Market Oversight issued a time-limited no-action letter that provides relief to commodity trading advisors ("CTAs") that are members of swap execution facilities ("SEFs") from the oral recording requirement set forth in CFTC Rule 1.35(a).

The no-action letter is in response to letters from the Asset Management Group of SIFMA ("SIFMA AMG") and the Managed Funds Association ("MFA"), which sought relief from the recordkeeping requirements to the extent that such requirements apply to Asset Managers. In the no-action letter, the CFTC states that it will not take action against a CTA that is a member of an SEF prior to May 1, 2014.

See: CFTC Letter 13-77; CFTC Press Release.Related news: CFTC Issues No-Action Relief to Two FCMs with Regard to Oral Recording Requirements (CFTC Letter 13-72) (with Lofchie Comment) (December 18, 2013).