Key takeaways:

• The CFTC has granted temporary no-action relief from the aggregation requirements of Part 151 of its regulations on position limits for futures and options contracts on certain exempt and agricultural commodities in connection with its May 2012 proposed rules, which would provide additional exemptions and clarify certain existing exemptions from the aggregation requirements of Part 151.
• The no-action letter grants no-action relief for any person that (1) complies with Part 151, as modified by the proposed rules or (2) complies with Part 151, except that the person does not aggregate any positions held by another entity that it otherwise would be required to aggregate if (a) the information sharing would result in a reasonable risk of violating federal, state or foreign law, rule or regulation, (b) the person has a 50% or lesser ownership or equity interest in that entity and has taken reasonable steps to ensure independence from such entity; or (c) the person acquires a 50% or lesser interest in the entity in the normal course as a registered broker-dealer.