CFTC Issues No-Action Letter Regarding Format of Acknowledgment Letters and Daily Reports (CFTC Letter 14-55)

The CFTC Division of Clearing and Risk ("DCR") issued a no-action letter providing temporary relief to New York Portfolio Clearing ("NYPC"), in connection with the transfer and winding down of its business, which NYPC expects to complete in June 2014. The DCR will refrain from taking enforcement action against NYPC if it does not:

1. obtain new acknowledgment letters from its depositories in the form prescribed by CFTC Rule 1.20(g)(4) ("Futures Customer Funds to Be Segregated and Separately Accounted for");
2. maintain liquid financial assets equal to at least six months' operating costs after April 30, 2014 pursuant to CFTC Rule 39.11(e)(2) ("Financial Resources"); or
3. implement changes to the formatting and content of reports NYPC submits to the Commission pursuant to CFTC Rule 39.19(c)(1)("Reporting").

The no-action relief provided in the letter will expire on August 31, 2014.

See: CFTC Letter 14-55.