ACTIVE 255616106

March 26, 2020 

By CFTC Portal 

Mr. Christopher J. Kirkpatrick 

Office of the Secretariat 

Commodity Futures Trading Commission 

Three Lafayette Centre 

1155 21st Street, N.W. 

Washington, D.C. 20581 

Re: tpSEF Inc. – Regulation 40.6(a) Rule Certification – Notice to Participants 

(tpSEF Submission #20-04R)

Dear Mr. Kirkpatrick: 

Pursuant to Section 5c(c) of the Commodity Exchange Act, as amended (the “Act”), and Section 

40.6(a) of the regulations of the Commodity Futures Trading Commission (the “Commission” or 

“CFTC”), tpSEF Inc. (“tpSEF”), a registered swap execution facility, hereby notifies the 

Commission that it will release the Notice to Participants attached hereto as Exhibit A (the 

“Notice”) on March 26, 2020. 

The Notice relates to the guidance included in a series of no-action letters released by the 

Divisions of Swap Dealer and Intermediary Oversight (DSIO) and Market Oversight (DMO) of 

the CFTC in response to the global COVID-19 pandemic, and informs tpSEF’s Participants that, 

until June 30, 2020, it will not enforce certain recordkeeping rules against any Person subject to 

its jurisdiction solely for such Person’s failure to comply with such recordkeeping requirements, 

provided that such Person is relying on, and in compliance with the terms and conditions of, one 

of the applicable no-action letters. The Notice will become effective on April 9, 2020. 

tpSEF hereby certifies that: (i) the Notice complies with the requirements of the Act and 

Commission regulations thereunder, and (ii) a notice and copy of this submission is being 

concurrently posted on tpSEF’s website. tpSEF is not aware of any substantive opposing views 

expressed with respect to this filing. 

 
Mr. Christopher J. Kirkpatrick 

March 26, 2020 

Page 2 

ACTIVE 255616106

Please contact Brian D. Donnelly, Chief Compliance Officer, at (201) 984-6956 or by email at 

bddonnelly@tullettprebon.com with any questions regarding this matter. 

Very truly yours, 

tpSEF Inc. 

By: _______________________ 

Name: Brian D. Donnelly 

Title: Chief Compliance Officer 

Date: March 26, 2020 

Enclosures 

cc: CFTC Division of Market Oversight (dmosubmissions@cftc.gov) 

Nancy Markowitz, CFTC (nmarkowitz@cftc.gov) 
Mr. Christopher J. Kirkpatrick 

March 26, 2020 

ACTIVE 255616106

EXHIBIT A 

Notice to Participants 
NOTICE TO PARTICIPANTS 

TO: tpSEF Inc. Participants 

FROM: tpSEF Inc. 

RE: Enforcement of Specified tpSEF Recordkeeping Rules for Persons Relying on CFTC 

COVID-19 No-Action Relief 

DATE: March 26, 2020 

On March 17, 2020, in response to the global COVID-19 pandemic, the Divisions of Swap Dealer and 

Intermediary Oversight (DSIO) and Market Oversight (DMO) of the U.S. Commodity Futures Trading 

Commission (CFTC) released a series of no-action letters (each, a COVID-19 No-Action Letter) 

providing temporary, targeted relief to certain CFTC-registered entities and members of CFTC-regulated

swap execution facilities not registered or required to be registered with the CFTC in any capacity.1 These 

no-action letters include, among other things, relief from certain recordkeeping requirements that may be 

applicable to Participants and other Persons subject to the jurisdiction of tpSEF Inc. (tpSEF), a CFTCregistered swap execution facility. 

tpSEF hereby notifies its Participants that until June 30, 2020, it will not enforce its Specified 

Recordkeeping Rules (as defined below) against any Person subject to its jurisdiction solely for such 

Person’s failure to comply with any requirement to (i) make and keep records of oral communications 

pursuant to CFTC Regulation 1.35 or CFTC Regulation 23.202, or (ii) record the date and time by timestamp or other timing device pursuant to CFTC Regulation 1.35 or CFTC Regulation 23.202 

(collectively, the Specified Recordkeeping Requirements), provided that such Person is relying on, and in 

compliance with the terms and conditions of, an applicable COVID-19 No-Action Letter dated March 17, 

2020 relating to compliance with the Specified Recordkeeping Requirements. 

For purposes of this Notice, the term “Specified Recordkeeping Rules” refers to the following tpSEF 

Rules: 

(i) Rule 8002(a), which requires each Member, Customer, Client and Clearing Member, in relevant 

party, to prepare and keep, or cause to be kept, all books, ledgers and other records relating to its 

activity on the SEF required to be kept by it pursuant to Applicable Law. 

(ii) Rule 8002(b), which requires each Member to comply with all applicable requirements of CFTC 

Regulation 1.35. 

Capitalized terms used but not defined herein shall have the meaning ascribed to them in the tpSEF 

Rulebook. 

Effective Date: April 9, 2020 

 

1

 The COVID-19 No-Action Letters are posted to the CFTC’s dedicated COVID-19 page at 

https://www.cftc.gov/coronavirus. 

ACTIVE 255585984