The CFTC's Division of Swap Dealer and Intermediary Oversight issued interpretative guidance stating that a futures commission merchant (FCM), swap dealer (SD), or introducing broker (IB) that receives separate compensation for commodity trading advice is not required to register as a commodity trading advisor, provided that the offered advice is "solely incidental" to the conduct of the FCM's or SD's business, or "solely in connection with" the operation of the IB's business. The guidance was requested in response to the European Union's MiFID II Directive, but it also extends to separate payments for commodity trading advice received by FCMs, SDs and IBs outside of the requirements of the MiFID II Directive.

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