The COVID Project
The record
- Jurisdiction
- United States; Commodity Futures Trading Commission, Market Participants Division and Division of Market Oversight (federal staff no-action letter)
- Level
- Federal
- Authority
- 17 C.F.R. § 140.99
- Issued
- 2021-04-13 Apr. 13, 2021
- Effective
- 2021-04-16
- End
- 2021-09-30
- In force
- Apr. 16, 2021 to Sept. 30, 2021
- Quarters
- 2021 Q22021 Q3
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Telework mandateWorkplace rulesOther
- Addressees
- floor brokers
- designated contract markets whose floor brokers operate remotely
- Functions reached
- CM floor brokerage (trading floors closed or restricted; brokers operating off-floor)
- OP
- WF
- Collection
- Federal financial regulators AGY-FED-FINANCIAL
Operative words
Re: Partial Extension of No-Action Positions to Facilitate Physical [Separation in Derivatives Industry Response to COVID-19]... [This letter extends the] period of relief for floor brokers ('FBs') [until] September 30, 2021, subject to the terms and conditions as stated in CFTC Staff [Letters 20-04 and 21-04, including relief from the] (1) Location requirement pursuant to the definition of 'floor broker' in Commission [regulation 1.3, and from] Commission regulations 38.250 through 38.253, to the extent that non-[compliance results from floor brokers operating away from the trading floor].... Any relief not extended by this letter has expired or will expire [on April 15, 2021].
Enforcement
No-action position only; the floor-broker definition and DCM rules otherwise apply
Notes
The Q3 2021 instrument for the futures industry: on April 13, 2021 Commission staff found that floor brokers still could not return to the trading floor and extended the location relief through September 30, 2021, the last day of the last claimable quarter
Retrieval noteGuidance (no-action).