In a Monday no-action letter, the CFTC’s Division of Swap Dealer and Intermediary Oversight said that it would extend the temporary registration relief previously granted by the commission in October to certain associate persons.
The relief is temporary and subject to a number of conditions. The application for registration as an AP must be completed on or before March 31, and individuals claiming the relief on or after March 31 must make a good faith effort to comply with any CFTC regulations and Commodity Exchange Act rules applicable to individuals registered as APs.
The CFTC’s DSIO said that it would recommend against enforcement action by the commission against any individual who fails to register as an AP of a futures commission merchant, commodity pool operator, introducing broker or commodity trading advisor where registration requirements mandate registration by APs solely based on the person’s involvement in swaps or contracts.
Relief provided by the CFTC does not extend to CEA or commission regulations that apply to individuals regardless of registration status, both before and after March 31. Once relief provided in the letter is terminated, the person registered as an AP must comply in full with all requirements applicable to a registered AP.