RegAlert2011-10-24 | CFTC Staff Letter 11-07Added · Updated
CFTC Staff Letter 11-07: No-Action Relief for Taiwan Futures Exchange GTEX Futures Contract
The Office of General Counsel will not recommend enforcement action against Taiwan Futures Exchange for offering or selling its futures contract based on the GreTai Securities Market Capitalized Weighted Stock Index in the United States. This decision confirms that the index meets the criteria for a non-narrow-based security index under the Commodity Exchange Act, specifically regarding cash settlement, manipulation susceptibility, and index composition. The relief is contingent upon TAIFEX's continued compliance with Taiwanese regulatory requirements and its ability to maintain access to surveillance information for detecting manipulation.
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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. 11-07
No-Action
October 24, 2011
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 GreTai Securities Market Capitalized Weighted Stock Index Dear Mr. Sackheim:
This is in response to your requesting letter, attachments, and electronic mail dated from September 4, 2008 to March 2, 2010, requesting on behalf of 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 in connection with the offer and sale in the United States of TAIFEX’s futures contract based on the Gretai Securities Market Capitalized Weighted Stock Index (“GTEX” or “Index”). We understand the facts to be as follows. TAIFEX, originally the Taiwan International Mercantile Exchange, 1 is a futures exchange formed in 1998 pursuant to the joint efforts of the Taiwanese government and the private sector. 2 TAIFEX is subject to regulation under Taiwan’s
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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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