CFTC Adopts Amendments Codifying Process For Terminating Relief For Foreign Futures Firms

The CFTC adopted rule amendments to codify the agency's process for terminating exemptive relief granted to non-U.S. firms in order to offer non-U.S. futures and options directly to U.S. customers.

As previously covered, the amendments will codify the grounds on which the CFTC may terminate CFTC Rule 30.10 ("Petitions for Exemption") relief, and provide a process for affected parties to respond to any such CFTC action. Based on comments received concerning the original proposal, the CFTC adopted the final amendments with modifications to (i) require the CFTC to publish on its website the possible termination of relief, and (ii) permit all market participants, and not only the recipients of the Rule 30.10 relief, to submit comments on the impact of terminating such relief within 30 days of publication on the CFTC website.