RegAlert2006-10-11 | CFTC Staff Letter 06-28Added · Updated
CFTC Staff Letter 06-28: No-Action Relief for TAIFEX MSCI Taiwan Index Futures Contract Offer and Sale in the U.S.
The CFTC Office of General Counsel will not recommend enforcement action against the Taiwan Futures Exchange (TAIFEX) for offering or selling its futures contract based on the MSCI Taiwan Index in the United States. This relief is granted because the contract meets the criteria of providing for cash settlement, not being readily susceptible to manipulation, and tracking an index that is not a narrow-based security index. The decision is contingent on TAIFEX's continued compliance with Taiwanese regulatory requirements and its ability to maintain surveillance information sharing agreements with the Taiwan Stock Exchange.
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U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-5120
Facsimile: (202) 418-5524
Office of General Counsel
CFTC letter No. 06-28
October 11, 2006
No-Action
Office of General Counsel
Michael S. Sackheim, Esq.
Sidley Austin LLP
787 Seventh Avenue
New York, NY 10019
Re: Taiwan Futures Exchange’s Request for No-Action Relief in Connection with the Offer and Sale in the United States of its Futures Contract Based on the MSCI Taiwan Index Dear Mr. Sackheim:
This is in response to letters, attachments, facsimiles and electronic mail dated from April 12, 2006 to April 17, 2006, requesting on behalf of the Taiwan Futures Exchange (“TAIFEX”), that the Office of General Counsel (“Office”) of the Commodity Futures Trading Commission (“Commission” or "CFTC") issue a “no-action” letter concerning the offer and sale in the United States (“U.S.”) of TAIFEX’s futures contract based on the MSCI Taiwan Index (“MSCI Taiwan” or “Index”).1 We understand the facts to be as follows. TAIFEX is a futures exchange in Taiwan founded in 1997 pursuant to the joint efforts of the Taiwanese government and the private sector.2 Originally named the Taiwan International Mercantile Exchange, the exchange’s name was changed to TAIFEX in 1999. TAIFEX was granted a corporate license, and its Board of Directors was selected as the highest executive body of the exchange. The principal regulatory authority in Taiwan having oversight over TAIFEX was the Taiwan Securities and Futures Commission (“SFC”). To achieve the goal of
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Source: Commodity Futures Trading Commission — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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