Finance 20/20

eligible contract participant

CFTC No-Action Letters

Editorial BoardPosted on October 22, 2012

On October 12, the CFTC released a number of no-action letters and interpretive guidance addressing:

Swap calculation by certain foreign entities for purposes of the swap dealer and major swap participant definitions. CFTC Release. CFTC Letter No.12-22.
Temporary relief for foreign exchange swaps and foreign exchange forwards in the major swap participant and swap dealer calculations and a related temporary registration exemption for CPO and CTA registration. CFTC Release. CFTC Letter No.12-21.
Treatment of agricultural and exempt commodities for swap dealer and major swap participant calculations. CFTC Release. CFTC Letter No.12-20.
The scope of the bona fide hedging exemption from the trading thresholds as applied to registered investment companies. CFTC Release. CFTC Letter No.12-19.
The de minimis threshold for swaps with utility special entities. CFTC Release. CFTC Letter No.12-18.
Interpretation of the eligible contract participant requirements. CFTC Release. CFTC Letter No.12-17.
Temporary relief from registration for swap intermediaries. CFTC Release. CFTC Letter No.12-15.

CFTC and SEC Propose Rules for Swaps and Security-Based Swaps

Posted on December 13, 2010

On December 7, in accordance with the Dodd-Frank Act, the CFTC and the SEC proposed rules and interpretative guidance under the Commodity Exchange Act to further define the terms “swap dealer”, “security-based swap dealer”, “major swap participant”, “major security-based swap participant” and “eligible contract participant”. Comments must be submitted within 60 days of publication in the Federal Register. SEC Release.