September 19, 2021

Volume XI, Number 262

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CFTC Grants No-Action Relief From Certain Swap Clearing Requirements for Swaps With Eligible Affiliate Counterparties in Australia or Mexico

On December 15, the Commodity Futures Trading Commission Division of Clearing and Risk granted US swap participants temporary no-action relief from the required clearing rule with respect to swaps entered into with eligible affiliate counterparties located in Australia and Mexico. The no-action relief will expire on December 31, 2017.

Currently, US swap participants are exempt from the mandatory swap clearing requirements in connection with swaps entered into with eligible affiliate counterparties located in the European Union, Japan and Singapore, subject to certain terms and conditions. The no-action letter extends the same relief to US swap participants that enter into swaps with eligible affiliate counterparties located in Australia and Mexico.

More details can be found in CFTC Letter 16-84, which is available here.

©2021 Katten Muchin Rosenman LLPNational Law Review, Volume VI, Number 352
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About this Author

Kevin M. Foley, Finance Lawyer, Katten Llaw Firm
Partner

Kevin M. Foley has extensive experience in commodities law and advises a wide range of clients, both in the United States and abroad, on compliance with the Commodity Exchange Act and the rules of the Commodity Futures Trading Commission (CFTC) affecting traditional exchange-traded products, as well as the over-the-counter markets involving swaps and other derivative instruments. His clients include futures commission merchants, derivatives clearing organizations, designated contract markets, foreign boards of trade and an industry trade association.

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312-902-5372
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