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The CFTC's staff issues written guidance concerning the Commodity
Exchange Act and the Commission's regulations, principally in the form of
responses to requests for exemptive, no-action and interpretative letters.
Summaries of letters published from 1995 to present are available below. In
addition, links from the summaries to the fulltext of the letters are included,
where available.
CFTC Rule 140.99
defines three types of staff letters: "Exemptive Letters,"
"No-Action Letters," and "Interpretative Letters." Under
the rule, these types of letters differ in terms of scope and effect. The
definitions in the rule apply only to letters issued on or subsequent to
January 11, 1999, the effective date of Rule 140.99, since Rule 140.99 is
prospective in effect. Commission staff cautions the public and practitioners
in the field that it is the staff's denomination of a letter as
"Exemptive," "No-Action" or "Interpretative" that
is controlling. How a particular publication service or other party labels a
staff letter has no legal effect. For further information, see Commission Advisory 16-99.
With respect to letters that predate the effectiveness of Rule 140.99 and
the new definitions, interested persons should look to the text of the letter
itself to determine the nature of the letter, whom it binds and who may rely
upon it, or should seek guidance from Commission staff.
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