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.