CFTC responds to industry concerns with flurry of no-action letters

The Commodity Futures Trading Commission continues to release a steady stream of no-action letters delaying compliance requirements for elements of its new swaps regulatory regime. Republican CFTC Commissioner Scott O’Malia said the various exemptions make the agency’s rulemakings “resemble Swiss cheese.” However, he said the commission must ensure certainty for industry participants by working swiftly to provide necessary relief ahead of a Dec. 31 implementation deadline. Lawmakers have scheduled two hearings this week to consider the impact of Dodd-Frank’s derivatives reforms.