Key takeaways:

• The CFTC has issued a no-action letter providing that market participants may, until the earlier of December 31, 2012 or the effective date of any final action by the CFTC on the interim final rules incorporating the trade option exemption, rely on such exemption without complying with specified provisions of section 32.3 of the CFTC regulations.
• The no-action relief is available to entities that are in compliance with (1) the conditions for qualifying as a "trade option" set forth in section 32.3(a) of the CFTC regulations, (2) the position limits rules set forth in Part 151 of the CFTC regulations, and (3) certain antifraud, anti-manipulation and enforcement provisions of the CFTC regulations and the Commodities Exchange Act.