Aggregated News From Investment Management Regulators

CFTC Extends No-Action Relief to Market Participants in Response to COVID-19

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Washington, D.C. — The Commodity Futures Trading Commission today announced it has extended through September 30, 2020, certain elements of the no-action relief issued in response to the COVID-19 (coronavirus) pandemic that was set to expire on June 30, 2020. On March 17, 2020, the CFTC’s Division of Swap Dealer and Intermediary Oversight (DSIO) and Division of Market Oversight (DMO) granted targeted, temporary relief to a broad spectrum of market participants to support orderly trading and liquidity as they implemented social distancing measures.

“This time-limited extension recognizes the reality that work-from-home arrangements are likely going to be commonplace for the foreseeable future,” said DSIO Director Joshua Sterling and DMO Director Dorothy DeWitt. “During this extended period, however, we expect that registrants will take the necessary steps to come into full compliance with CFTC regulations, such as those related to voice recordings and time-stamps.”

“When the national emergency and pandemic were declared in March, the CFTC quickly pivoted its resources to take this crisis head on,” added Chairman Heath P. Tarbert. “There is little doubt that the flexibility we have provided helped derivatives markets function as shock absorbers during the periods of extreme volatility caused by the pandemic. I am proud of the bipartisan efforts of the Commission to respond to this crisis as well as the hard work by our talented and dedicated staff.”

A full list of all coronavirus-related relief issued by the CFTC and its staff can be found on cftc.gov/coronavirus. The temporary relief extended until September 30, 2020 is as follows:

CFTC Staff Letter

Relief Description

CFTC Letter No. 20-02

Temporary Relief for Members of Designated Contract Markets and Swap Execution Facilities

CFTC Letter No. 20-03

Temporary Relief for Futures Commission Merchants and Introducing Brokers

CFTC Letter No. 20-04

Temporary Relief for Floor Brokers

CFTC Letter No. 20-05

Temporary Relief for Retail Foreign Exchange Dealers

CFTC Letter No. 20-06

Temporary Relief for Swap Dealers

CFTC Letter No. 20-07

Temporary Relief for Swap Execution Facilities

CFTC Letter No. 20-09

Temporary Relief for Designated Contract Markets

 

Regulator Information

Abbreviation: CFTC
Jurisdiction: USA

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