CFTC Staff Letters Offer Guidance on Regulatory Matters

Detected March 14th, 2026

Summary

The Commodity Futures Trading Commission (CFTC) provides access to staff letters offering guidance on various regulatory matters. These letters, available from 2008 onwards, cover a wide range of topics and regulations relevant to market participants.

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What changed

The CFTC has made available a collection of staff letters that provide guidance on numerous regulatory matters. These letters, dating from 2008 to the present, are intended to clarify interpretations of existing regulations and offer insights into the CFTC's approach to specific issues. The content spans a broad spectrum of CFTC-regulated areas, including but not limited to, capital requirements, trading practices, and compliance obligations.

Market participants, including financial advisers, fund managers, and public companies, should review these letters to ensure their practices align with CFTC interpretations. While these letters are non-binding, they represent the staff's current views and can inform compliance strategies. No specific action is mandated by the publication of these letters, but they serve as a valuable resource for understanding regulatory expectations.

What to do next

Review CFTC staff letters for relevant guidance pertaining to your firm's operations.
Assess current compliance policies and procedures against interpretations provided in the staff letters.
Consult with legal counsel regarding any specific guidance that may impact your business activities.

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 |
| --- | --- |
|
26-03 | Letter Type: Interpretative
Division: DCR, MPD
Regulation Parts: 2(h), 2(h)(1), 2(h)(1)(A), 4s(e), 23.150 - 23.161, 50.2, 50.4, 140.99
Tags: Clearing, Clearing Requirement, Margin, Legacy Swaps
Issuance Date:

01/30/2026

Description: Joint MPD and DCR interpretative letter addressing the effect of a merger conducted as part of Morgan Stanley’s internal reorganization on the status of certain legacy swaps. Based on the facts and circumstances of the merger as described in the letter, the divisions concluded the swaps at issue retain their legacy swap status under the Commission’s uncleared swap margin and swap clearing requirements.
See also: Request Letter
Requester(s): MORGSTAN |
|
25-38 | Letter Type: Interpretative
Division: MPD
Regulation Parts: 30.7
Tags: FCM, Foreign Broker, Foreign Boards of Trade, Foreign Clearing Organization
Issuance Date:

11/25/2025

Description: Staff Interpretation Regarding FCM Deposits of Securities with Foreign Brokers and Foreign Clearing Organizations to Margin Customer Positions Entered into on, or Subject to the Rules of, a Foreign Board of Trade.
See also: Request Letter
Requester(s): FIA |
|
25-14 | Letter Type: Interpretative
Division: MPD
Regulation Parts: 3.10, 23, 30.1, 48.2
Tags: Foreign Future, Swaps, Cross-border, Foreign Boards of Trade
Issuance Date:

05/21/2025

Description: The Commodity Futures Trading Commission’s Market Participants Division and Division of Market Oversight issued interpretative guidance confirming the application of certain cross-border definitions to SBC Limited.

See also: Request Letter
Requester(s): SCBL |
|
25-11 | Letter Type: Interpretative
Division: MPD
Regulation Parts: 23.156
Tags:
Issuance Date:

04/14/2025

Description: UST ETFs that fall within the scope of the regulatory framework set forth in SEC Rule 6c-11 may qualify as eligible IM collateral as defined in the CFTC Margin Rule, provided the funds meet the criteria listed in Commission Regulation 23.156(a)(1)(ix). CSEs may collect or post UST ETFs that qualify as IM under Commission Regulation 23.156(a)(1)(ix) as VM for uncleared swap transactions with financial end users consistent with Commission Regulation 23.156(b)(1)(ii).
See also: Request Letter
Requester(s): GMAC |
|
25-10 | Letter Type: Interpretative
Division: DMO, MPD
Regulation Parts: 1.3
Tags: Swap, Window FX Forwards, FX Spot Transactions, foreign exchange forwards, Foreign exchange spot transactions
Issuance Date:

04/09/2025

Description: Joint MPD and DMO interpretation providing the Divisions’ views on the characterization of certain FX transactions as being swaps, foreign exchange forwards, or foreign exchange swaps, in each case, as defined in the Commodity Exchange Act and Commission Regulations. Specifically, the Divisions state their view that: Window FX Forwards, as described in the letter, should be considered to be “foreign exchange forwards;” and Package FX Spot Transactions, as described in the letter, should not be considered to be foreign exchange swaps or swaps.
Requester(s): CFTC |
|
25-06 | Letter Type: Interpretative
Division: MPD
Regulation Parts: 4s(e), 23.105
Tags:
Issuance Date:

03/20/2025

Description: Staff Interpretation allows Japanese nonbank swap dealers subject to the Japanese Comparability Order to file with the CFTC and the NFA certain enumerated schedules (the ""In Scope Schedules"") of the Annual Report to comply with condition 9 of the order. Japanese nonbank swap dealers may, but are not required to, submit the Annual Report in its entirety to comply with condition 9.

See also: Request Letter
Requester(s): SIFMA |
|
21-15 | Letter Type: Interpretative
Division: MPD
Regulation Parts: 23.100, 23.101
Tags: SD, Swap Dealer, Tangible Net Worth
Issuance Date:

06/29/2021

Description: Staff Interpretation to Swap Dealers electing the Tangible Net Worth method of calculation capital under regulation 23.101. |
|
20-43 | Letter Type: Interpretative
Division: DMO, DCR
Regulation Parts: 2(h)(1), 2(h)(8)
Tags: Cleared Swaps, Clearing Requirement, Execution, Trade Execution, Trade Execution Requirement
Issuance Date:

12/03/2020

Description: The Divisions do not interpret Sections (2)(h)(1) and 2(h)(8) of the CEA as subjecting to the clearing and trade execution requirements certain swaps transactions entered into by a DCO to reduce and manage the risk associated with a clearing member default. |
|
19-18 | Letter Type: Interpretative
Division: DSIO
Regulation Parts: 42.2
Tags: IB, CIP, Customer Identification Program, VB, Voice Broker
Issuance Date:

07/22/2019

Description: The guidance clarifies the CIP and BO requirements applicable to introducing brokers (IBs) under the Bank Secrecy Act (BSA). The guidance provides regulatory clarity to certain IBs who lack access to the information needed to comply with CIP and BO obligations. The guidance eliminates duplicative efforts without impacting money laundering or terrorist financing risk, as the customer due diligence obligations will continue to be performed by the futures commission merchant (FCM) that carries the customer account. The particular IBs subject to this guidance do not introduce their customers’ accounts to FCMs. The IBs do not receive or have access to the customer identification and financial information obtained by FCMs, or the monthly account information issued by FCMs. This guidance clarifies that these IBs are not required to carry out CIP and comply with BO requirements. |
|
18-12 | Letter Type: Interpretative
Division: DMO
Regulation Parts: 150.4
Tags: Aggregation, Positions
Issuance Date:

05/02/2018

Description: The staff letter confirms that, for purposes of applying the position limits set forth in CFTC Regulation 150.2, when an institutional investor qualifies for the Regulation 150.4(b)(1) exemption from position aggregation with respect to their investment in a fund, the institutional investor is not required to look through its investment in a fund to aggregate commodity interest positions of an underlying portfolio company in which the institutional investor may hold a 10 percent or greater indirect interest (via its investment in the fund). |