CFTC Issues No-Action Relief to FCMs (CFTC Letter 14-88)

The Division of Swap Dealer and Intermediary Oversight of the Commodity Futures Trading Commission ("CFTC") issued an extension of two previous no-action letters to the Futures Industry Association ("FIA"), its member futures commission merchants ("FCMs") and similarly situated FCMs.

The letter extends the compliance date of the relief provided in previous no-action letters (14-02 and 14-45) to October 31, 2014 for certain conditions associated with the receipt of customer funds by an FCM, pursuant to CFTC Rule 1.20 ("Futures Customer Funds to Be Segregated and Separately Accounted for"), Rule 22.2 ("Futures Commission Merchants: Treatment of Cleared Swaps and Associated Cleared Swaps Customer Collateral") and Rule 30.7 ("Treatment of Foreign Futures or Foreign Options Secured Amount").

See: CFTC Letter 14-88.
Related news: Two CFTC No-Action Letters Regarding FCMs' Handling of Customer Funds (CFTC Letters 14-02 and 14-03) (with Lofchie Comment) (January 13, 2014); CFTC Issues Extension of No-Action Relief to FCMs (CFTC Letter 14-45) (April 7, 2014).