CFTC Staff Withdraws No-Action Letter to Victoria University of Wellington, New Zealand Regarding a Not-For-Profit Market for Certain Event Contracts
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Release Number 8567-22
CFTC Staff Withdraws No-
Action Letter to Victoria University of Wellington, New Zealand
Regarding a Not-For-Profit Market for Certain Event
Contracts
August 04, 2022
Washington, D. C. — The
Commodity Futures Trading Commission’s Division of Market Oversight
(DMO) today announced it is withdrawing CFTC Letter No. 14-130
effective immediately. When DMO issued the letter on October 29, 2014,
it took a no-action position with respect to the operation of a not-
for-profit market for certain event contracts and the offering of such
contracts to U. S. persons by Victoria University of Wellington, New
Zealand without registration as a designated contract market, foreign
board of trade, or swap execution facility, and without registration
of its operators. [See CFTC Press Release No. 7047-14]
DMO
has determined that Victoria University has not operated its market in
compliance with the terms of the letter and as a result has withdrawn
it. As stated in the withdrawal letter issued today, to the extent
that Victoria University is operating any contract market in a manner
consistent with each of the terms and conditions provided in CFTC
Letter 14-130, all related and remaining listed contracts and
positions comprising all associated open interest in such market
should be closed out and/or liquidated no later than 11:59 p. m. (EDT)
on February 15, 2023. [See CFTC Letter No. 22-08] -CFTC-