CFTC Grants Relief On Swap Rules Names Whistleblower Head

• CFTC grants no-action relief on swap reporting and recordkeeping for Gemini Titan, Olympus, and participants under specific conditions.
• Move shows ongoing regulatory flexibility as agency addresses compliance gaps through temporary guidance and exemptions.
• Raagnee Beri named Whistleblower Office director, strengthening enforcement with experience in litigation and investigations.

The CFTC issued a no-action position on swap reporting and recordkeeping rules while naming Raagnee Beri as Whistleblower Office director. The relief applies to Gemini Titan and Gemini Olympus and their participants. According to the agency, the move addresses compliance gaps, while leadership changes aim to support enforcement efforts under Chair Mike Selig.

No Action Relief Targets Swap Reporting Gaps

According to the CFTC’s Division of Market Oversight and Division of Clearing and Risk, staff will not recommend enforcement action in specific cases. The position covers failures tied to swap data reporting and recordkeeping requirements.

Notably, the relief applies to Gemini Titan, a designated contract market, and Gemini Olympus, a derivatives clearing organization. It also extends to their participants.

The no-action letter includes contracts with binary and variable payout structures executed through Titan and cleared by Olympus. This update supplements earlier guidance under Letter 25-44.

However, the relief remains conditional. Firms must follow terms outlined in the issued letter to qualify for protection.

Broader Pattern of Regulatory Flexibility

Meanwhile, the agency continues to use no-action letters to address technical compliance challenges. These letters allow temporary relief while rules evolve or systems adjust.

In March 2026, the Market Participants Division granted Phantom Technologies relief tied to broker registration requirements. The firm can operate without registering if it avoids order solicitation.

Additionally, February guidance allowed certain commodity pool operators to bypass registration under specific conditions. These include SEC-registered advisers managing qualified investor funds.

The agency also extended reporting relief for ownership data and large trader requirements. These steps reflect ongoing adjustments to complex regulatory frameworks.

Whistleblower Office Leadership Change Announced

At the same time, the CFTC named Raagnee Beri as director of the Whistleblower Office. According to Chair Mike Selig, the office supports enforcement through reporting incentives and protections.

Beri previously served as a trial attorney in the Division of Enforcement. She later worked as a senior assistant general counsel in the litigation branch.

General Counsel Tyler Badgley said her experience in enforcement and whistleblower litigation supports the office’s role.

Before joining the CFTC, Beri worked at the Department of Justice Tax Division. She also clerked in federal and local courts following law school.

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