What is a CFTC no action letter?
No-Action. A no-action letter is a written statement by the staff of a Division of the Commission or its Office of the General Counsel that such staff will not recommend that the Commission commence enforcement action for failure to comply with a specific provision of the Act or Commission regulations.
Does the CFTC have authority to take an enforcement action against non registrants?
The CFTC takes enforcement actions against individuals and firms registered with the Commission, those who are engaged in commodity futures and option trading on designated domestic exchanges, and those who improperly market futures and options contracts.
Is a CFTC enforcement action criminal?
Criminal activity involving commodity-related instruments can result in prosecution for criminal violations of the CEA and for violations of other federal criminal statutes, including commodities fraud, mail fraud, wire fraud and conspiracy.
Does CFTC have jurisdiction over all activity that violates the Commodity Exchange Act?
To achieve this aim, the CFTC administers and enforces the Commodity Exchange Act (“CEA”) and its respective regulations. The CFTC has exclusive jurisdiction over, among others, any transaction “for the contract of sale of a commodity for future delivery,” with certain exceptions.
What is the difference between commercial and non-commercial traders?
Commercial traders are largely seen as defensive players in the market, rather than trendsetters. While non-commercial traders share a clear profit motive, the trading motives of commercial traders are much more diverse.
How do you get a no-action letter?
No-action letters are available in the following sources:
- Federal Securities Law Reporter.
- SEC website – Division of Corporation Finance No-Action, Interpretive and Exemptive Letters.
- Lexis.
- Westlaw.
Are no-action letters public?
No-action letters are public records.
What powers does the CFTC have?
The Commission must authorize all enforcement actions, and the CFTC has the power to bring such actions either administratively (before administrative law judges or other appointed presiding officers) or in federal court.
What are the CFTC regulations?
What Does the CFTC Regulate? The CFTC regulates the U.S. derivatives markets. This includes the commodity futures, options, and swaps markets as well as over-the-counter (OTC) markets.
Who has jurisdiction over commodity swaps?
the CFTC
While the CFTC generally has jurisdiction over swaps and the SEC generally has jurisdiction over security-based swaps, Title VII and the Final Release address in a particular way the peculiarities of derivatives instruments that have features of both swaps and security-based swaps, referred to as “mixed swaps.” A mixed …
Does NFA have jurisdiction to bring disciplinary proceeding against CFTC registered?
NFA has the authority to take disciplinary actions against any Member or Associate that violates its rules. If an NFA Member or Associate engages in conduct that puts customers, the futures markets, or other Members at risk, immediate action will be taken accordingly.