CFTC Staff Letter 14-93: Time-limited no-action relief for ICE Clear Europe Limited regarding Regulation 1.20(g)(4)

U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-5430
Facsimile: (202) 418-5547 aradhakrishnan@cftc.gov Division of Clearing and Risk Ananda Radhakrishnan Director CFTC Letter No. 14-93 No-Action July 10, 2014 Division of Clearing and Risk Mr. Paul Swann President and Managing Director ICE Clear Europe Limited 60 Chiswell Street Moorgate, London EC1Y 4SA RE: Request for Temporary No-Action Relief from the Written Acknowledgment Requirements in Commission Regulation 1.20(g)(4) Dear Mr. Swann:
This is in response to your letter dated July 3, 2014 (“Letter”), to the Division of Clearing and Risk (“Division”) of the Commodity Futures Trading Commission (“Commission”). In the Letter, you request that the Division confirm that it will not recommend that the Commission take enforcement action against ICE Clear Europe Limited (“ICE Clear Europe”) for temporarily failing to obtain, or provide the Commission with, an executed version of the template acknowledgment letter set forth in Appendix B to Regulation 1.20 (“Acknowledgment Letter”), as required by Regulation 1.20(g)(4). Regulation 1.20(g)(4) requires, among other things, that a derivatives clearing organization (“DCO”) obtain an Acknowledgment Letter from each depository with which the DCO deposits futures customer funds. 1 DCOs are required to obtain the Acknowledgment Letter(s) for existing customer segregated accounts by July 12, 2014. 2 ICE Clear Europe requests an extension of time to comply with Regulation 1.20(g)(4) to obtain and execute a modified version of the Acknowledgment Letter with the Bank of England (“BoE”). In this regard, ICE Clear Europe has represented that it will submit a separate letter requesting that the