On December 11, the CFTC issued a no-action letter that provides certain futures commission merchants (FCMs) with limited relief surrounding the requirement that chief compliance officers of such FCMs prepare and submit an Annual Report, pursuant to Commission Regulation 3.3.  The relief applies to FCMs that: (i) were registered with the CFTC as of June 4, 2012 and (ii) are currently regulated by a U.S. prudential regulator or registered with the SEC.  CFTC Release.  No-Action Letter.