CFTC Staff Letters on No-Action Positions

Detected March 14th, 2026

Summary

The CFTC has published staff letters providing no-action positions on various regulations. These letters offer guidance and relief to market participants regarding specific regulatory requirements. The CFTC staff letters are available on their website for review.

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What changed

The Commodity Futures Trading Commission (CFTC) has made available a collection of staff letters that outline no-action positions concerning a range of regulations. These letters, accessible via the CFTC's website, provide interpretations and temporary relief from certain compliance obligations for market participants. The content indicates a focus on various regulatory parts, including those related to capital, reporting, and business conduct standards.

Regulated entities, particularly those involved in futures, swaps, and other derivatives markets, should review these staff letters to understand any potential relief or clarifications applicable to their operations. While these are no-action positions and not formal rule changes, they represent the staff's current thinking and enforcement approach. Compliance officers should assess whether these letters impact their current practices and consider consulting legal counsel for specific advice.

What to do next

Review CFTC staff letters for relevant no-action positions
Assess impact of no-action letters on current compliance practices
Consult legal counsel for specific guidance on applicability

Source document (simplified)

CFTC Staff Letters

CFTC Staff Letters provides Letters from 2008 and later. For Letters published before 2008 visit the Letters Archive page.

Letter Number Letter Types Advisories Exemption Interpretative No-Action Other Divisions COM DCIO DCR DMO DOD DOE DSIO MPD N/A OED OGC Regulation Parts 1 1(a)(23) 1.10 1.11 1.16 1.17 1.2 1.20 1.22 1.23 1.25 1.26 1.3 1.3(ggg)(4) 1.3(ggg)(6) 1.3(hhh) 1.32 1.35 1.38 1.49 1.55 1.56 1.57 1.58 1.71 1.73 1.9 1026.320 12.35 13(a) 140.99 15 150 150.2 150.4 151 151.5 155.3 16.01 160 166.3 17 17.04 18 180 180.1 180.2 19.01 19.02 190.04 190.10 1a(10) 1a(12)(C) 1a(15) 1a(18)(A) 1a(47)(D) 1a(49) 1a(5) 1a(6) 2(a) 2(a)(1)(C) 2(c)(2)(B) 2(c)(2)(C) 2(d) 2(e) 2(g) 2(h) 2(h)(1) 2(h)(1)(A) 2(h)(7) 2(h)(7)(C)(iii) 2(h)(8) 2(j) 20 20.4 20.5 22 22.17 22.2 22.3 22.5 22.9 23 23 Subpart E 23 Subpart F 23 Subpart H 23 Subpart I 23 Subpart J 23 Subpart L 23.100 23.101 23.102 23.103 23.104 23.105 23.106 23.150 23.150 - 23.161 23.151 23.152 23.153 23.154 23.155 23.156 23.157 23.158 23.159 23.160 23.161 23.202 23.204 23.205 23.22 23.400 23.401 23.402 23.410 23.430 23.431 23.432 23.433 23.434 23.440 23.450 23.451 23.500 23.501 23.502 23.503 23.504 23.505 23.506 23.600 23.602 23.608 23.609 23.610 23.700 23.701 23.702 23.703 23.704 3 3 Subpart A 3.10 3.12 3.3 3.4 3.55 30 30.1 30.10 30.13 30.2 30.5 30.6 30.7 32.3 32.4 33.7 36.3 37 37.1000 37.1001 37.12 37.1303 37.1306 37.1501 37.200 37.201 37.202 37.203 37.205 37.3 37.400 37.406 37.6 37.702 37.9 38 38 Appendix C 38.10 38.11 38.1101 38.152 38.153 38.157 38.158 38.200 38.250 38.251 38.252 38.253 38.254 38.255 38.256 38.3 38.401 38.500 38.553 38.8 38.951 39 39 Subpart C 39.11 39.12 39.13 39.14 39.15 39.16 39.17 39.19 39.20 39.21 39.33 39.36 39.39 39.40 39.6 4 4 Appendix A 4(c) 4.10 4.10(d)(1) 4.12 4.13 4.14 4.20 4.21 4.22 4.23 4.24 4.25 4.27 4.31 4.33 4.34 4.35 4.36 4.5 4.6 4.7 4.7(b)(2) 4.7(b)(3) 40 40.1 40.2 40.3 40.4 40.6 42.2 43 43.2 43.3 43.4 43.6 45 45.10 45.14 45.2 45.3 45.4 45.5 45.8 46 48 48.2 49 4a 4d 4d(f) 4d(f)(1) 4d(f)(2) 4d(f)(3) 4d(f)(4) 4d(f)(6) 4e 4m 4m(1) 4s(b)(6) 4s(e) 4s(k) 4s(k)(2) 4s(l) 5 5(a) 5(d)(10) 5(d)(11) 5(d)(20) 5(d)(4) 5(d)(9) 5.18 50 50 Subpart A 50.2 50.4 50.50 50.51 50.52 5b(a) 5b(c)(2)(C) 5b(c)(2)(E) 5b(c)(2)(H) 5c 5h(a)(1) 75.14 8a(2) 8a(3) 9(a)(5) Letter Tags Abusive Acknowledgement Affiliates Aggregation AI ANE Annual Report Associated Persons Audit Audit Trail Binary Option Block Trades Block Trades Board of Trade Boards of Trade Brexit Business Conduct Standards Business Continuity-Disaster Recovery Capital Cash CCO CIP Cleared Cleared Swaps Clearing Clearing Requirement CME Collateral Commission Regulation 37.3(a)(2) Commission Regulation 37.9 Commodity Pool Compliance Confirmation Contract Market Cooperation Core Principles Counterparty COVID-19 CPO Cross-border CTA Custodial Customer Customer Funds Customer Identification Program DCM DCM Core Principle 9 DCO De Minimis Delegation Depository Designation Digital Assets Disclosure Disclosures Documentation Dormancy ECM Eligibility Eligible Contract Participant End-user Enforceability Enforcement ESM Event Contract Exception Exceptions Exclusion Execution Exempt DCO Exempt SEF Exemption Exemptions External Business Conduct FCM Financial Integrity Financial Reports Financial Resources Fingerprinting Floor broker Floor Trader Foreign Foreign Boards of Trade Foreign Broker Foreign Clearing Organization Foreign Currency foreign exchange forwards Foreign exchange spot transactions Foreign Future Foreign Option Foreign Transactions Forward Fully-collateralized Funds Futures Laws FX Spot Transactions Guarantees Against Loss Hedging IB IBOR Initial Initial margin Insured depository institution Intended To Be Cleared Interstate Investment of Customer Funds Jurisdiction Large Pool Large Trader Legacy Swaps LIBOR Margin Margin Withdrawals Market Integrity Material Information Minimum financial requirements Minimum Trading Functionality minimum transfer amount Model MSP MTA Non-US MSP Non-US Swap Dealers Nonbank Order Book Ownership and Control Package Transactions Part 17 Part 18 Part 20 Part 38 Part 40 Part 43 Part 45 Permitted Transactions Pool Participant Portfolio Position Limits Positions Prime Brokerage Prohibited Public Public Information Real-Time Recordkeeping Recovery Referral Criteria Registration Reinstatement Requirements Remediation Reporting Required Transactions Requirements RFED Risk Risk Management SD SDR SEC SEF SEF Registration Segregated Segregation Self-Reporting Separate Account Treatment Separate Accounts Settlement SIDCO SOFR Special Entity Speculation Statutory Disqualification Straight-through processing Substituted Compliance Swap Swap Data Swap Dealer Swap Documentation Swap Execution Facility Swap Trading Relationship Documentation Swaps System Safeguards Tangible Net Worth Threshold Trade Execution Trade Execution Requirement Trade Option Trader Trading Transition Swaps Uncleared Swaps Unregistered Variation Variation margin VB Virtual Currency Voice Broker Wind-down Window FX Forwards Withdrawal Requester Tags ADMIS ARIS ARISDCO ARRC BAM BTNL BTNL CLEAR CFM CFTC CGA CGS&H LLP CMC CME CMESDR CMIC COINBASE CRG DTCC EEI EIMS ELECX ELECXDCO FCX FCXDCO FIA GEM GMAC ICE SDR ICLR US IIB III CAP ISDA JSCC KEX KLEAR KOR KRX LCHSA LEDGERX LSEG SEF MFA MGECH MIAX MORGSTAN OCC PM US PMC PMRC INC PREDICTIT QCCLEAR QCX RAILBIRDX ROYALTY SCBL SHCH SIFMA SIFMA AMG SMFE TAIFEX TWO SIGMA UBS ESE UBSAG VICU YIELDBRKER Dodd Frank - Any - True False Letter Year All 2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 Apply Reset
| PDF | Description |
| --- | --- |
|
26-07 | Letter Type: No-Action
Division: DMO
Regulation Parts: 5(d)(20), 38.1101
Tags: DCM, System Safeguards, Business Continuity-Disaster Recovery
Issuance Date:

03/03/2025

Description: The Division of Market Oversight (“Division”) of the Commodity Futures Trading Commission (“Commission”) is issuing this letter in response to a no-action letter request from Coinbase Derivatives, LLC (“COIN”), a designated contract market (“DCM”), submitted pursuant to Commission regulation 140.99. COIN seeks a no-action position with respect to certain requirements under Commodity Exchange Act (“CEA”) Section 5(d)(20), and Commission regulation 38.1051(c) addressing backup facilities.
See also: Request Letter
Requester(s): COINBASE |
|
26-06 | Letter Type: No-Action
Division: MPD
Regulation Parts: 4m(1), 4
Tags: Commodity Pool, CPO, Registration, Delegation
Issuance Date:

02/26/2026

Description: No-action position on commodity pool operator and commodity trading advisor registration for certain private funds and subject to certain conditions, with additional revision to address CPO delegation arrangements.
See also: Request Letter
Requester(s): MFA |
|
26-05 | Letter Type: No-Action
Division: MPD
Regulation Parts: 1.17, 1.20, 1.23, 1.32, 22.2, 22.17, 30.7
Tags: Collateral, FCM, Customer Funds
Issuance Date:

02/06/2026

Description: Staff No-Action Position with respect to FCMs that accept certain non-securities digital assets as margin collateral and (a) take into account the value of such digital assets for purposes of certain regulatory requirements, subject to conditions or (b) deposit payment stablecoins as residual interest, subject to conditions. Note that this is a re-issuance of Staff Letter 25-40 to specify that a national trust bank may be a permitted issuer of a payment stablecoin for purposes of the no-action position taken in Letter 25-40.
See also: Request Letter
Requester(s): CFM |
|
26-02 | Letter Type: No-Action
Division: DMO
Regulation Parts: 17
Tags: FCM, Large Trader, Foreign Broker, Part 17
Issuance Date:

01/27/2026

Description: No-action position with respect to timing for implementation of the Commission's 2024 Part 17 large trader reporting final rule.
See also: Request Letter
Requester(s): FIA |
|
26-01 | Letter Type: No-Action
Division: DMO
Regulation Parts: 38.8, 38.10, 38.951, 39.20, 43, 45
Tags: Reporting, Swap, Swap Data, Swaps, Event Contract, Part 43, Part 45
Issuance Date:

01/08/2026

Description: No-action position with respect to Part 43 and Part 45 reporting, as well as related sections of Parts 38 and 39, for certain binary and bounded swaps executed on or pursuant to the rules of Bitnomial Exchange, LLC and cleared through Bitnomial Clearinghouse, LLC.
See also: Request Letter
Requester(s): BTNL, BTNL CLEAR |
|
25-51 | Letter Type: No-Action
Division: MPD
Regulation Parts: 1a(49), 1.3
Tags: De Minimis, Registration, SD, Swap Dealer
Issuance Date:

12/19/2025

Description: No-action position with respect to the exclusion of energy commodity end user swaps from the swap dealer de minimis calculation.
See also: Request Letter
Requester(s): EEI |
|
25-50 | Letter Type: No-Action
Division: MPD
Regulation Parts: 4m(1), 4.13, 4.14
Tags: Commodity Pool, CPO, CTA, SEC
Issuance Date:

12/19/2025

Description: No-action position on commodity pool operator and commodity trading advisor registration for certain private funds and subject to certain conditions.
See also: Request Letter
Requester(s): MFA |
|
25-49 | Letter Type: No-Action
Division: MPD
Regulation Parts: 23 Subpart H
Tags: Cleared Swaps, Exempt DCO, External Business Conduct, Business Conduct Standards, Documentation, Swap Trading Relationship Documentation, Cross-border, Special Entity, Exempt SEF
Issuance Date:

12/18/2025

Description: No-action position for intended-to-be-cleared swaps traded on Eligible UK Trading Venues (as defined in the letter).
Requester(s): CFTC |
|
25-48 | Letter Type: No-Action
Division: DMO
Regulation Parts: 38.8, 38.10, 38.951, 39.20, 43, 45
Tags: Swap, Swap Data, Swaps, Event Contract, Part 43, Part 45
Issuance Date:

12/11/2025

Description: QCX LLC, d/b/a Polymarket US, and QC Clearing LLC, d/b/a Polymarket Clearing (collectively, “Polymarket”) requested to amend Staff Letter 25-28. Staff Letter 25-28 granted Polymarket’s request for a no-action position with respect to the swap data reporting and recordkeeping requirements of sections 38.8(b), 38.10, 38.951 (to the extent that regulation 38.951 requires compliance with Part 45 of the Commission’s regulations), 39.20(b)(2), and Parts 43 and 45 of the Commission’s regulations (collectively, the “Relevant Regulations”). Polymarket has now requested that the Divisions modify the no-action position granted in Staff Letter 25-28 to remove condition 6, which provides that “[n]o [Polymarket] participant clears a QCEX Contract through a third-party clearing member.”
See also: Request Letter
Requester(s): PM US, PMC, QCCLEAR, QCX |
|
25-47 | Letter Type: No-Action
Division: DMO
Regulation Parts: 38.8, 38.10, 38.951, 39.20, 43, 45
Tags: Reporting, Swap, Swap Data, Swaps, Event Contract, Part 43, Part 45
Issuance Date:

12/11/2025

Description: No-action position with respect to Part 43 and Part 45 reporting, as well as related sections of Parts 38 and 39, for binary options and variable payout contracts executed on or pursuant to the rules of Aristotle Exchange DCM, Inc and cleared through Aristotle Exchange DCO, Inc.

See also: Request Letter
Requester(s): ARIS, ARISDCO |