RegAlert2017-11-07 | CFTC Staff Letter 17-59Added · Updated
CFTC Staff Letter 17-59: No-Action Relief for North American Development Bank from Swap Clearing Requirement
The Division of Clearing and Risk will not recommend that the Commission take enforcement action against North American Development Bank for failure to comply with the swap clearing requirement of Section 2(h)(1) of the Commodity Exchange Act and Commission regulations 50.2 and 50.4. This relief is granted because the Division determines that North American Development Bank’s function, structure, and mission are comparable to those of other international financial institutions previously excluded from the clearing requirement. The letter specifies that this no-action position does not provide relief from other provisions, such as recordkeeping and reporting requirements under parts 23 and 45 of the Commission’s regulations.
CFTC published 6 documents in the last 30 days — get each new one by email the day it lands.
U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
1155 21st Street, NW, Washington, DC 20581
Telephone: (202) 418-5000
Facsimile: (202) 418-5521 www.cftc.gov
Division of Clearing and
Risk
CFTC Letter No. 17-59
No-Action
November 7, 2017
Division of Clearing and Risk
Ryne V. Miller
Sullivan & Cromwell LLP
125 Broad Street
New York, NY 10004
Re: No-Action Relief for North American Development Bank from the Swap Clearing Requirement in Section 2(h)(1) of the Commodity Exchange Act and Commodity Futures Trading Commission Regulations 50.2 and 50.4 Dear Mr. Miller:
On July 20, 2017, you sent a letter on behalf of North American Development Bank (“NADB”) (“Request Letter”), to the Division of Clearing and Risk (“Division”) of the Commodity Futures Trading Commission (“Commission”) requesting relief from the swap clearing requirement of section 2(h)(1) of the Commodity Exchange Act (“CEA”) (“Clearing Requirement”). Based on the facts described in the Request Letter, the Division has decided to not recommend that the Commission take enforcement action against NADB for failure to comply with the Clearing Requirement as implemented by Commission regulations 50.2 and 50.4.1 The Division believes that granting this no-action relief to NADB would be consistent with the final Federal Register release adopting the end-user exception to the Clearing Requirement (“End-User Exception”), 2 in which the Commission determined that certain international financial institutions should not be subject to the Clearing Requirement. 3
Read the rest free, and get an email when CFTC publishes again
Lineage: In force
Source: Commodity Futures Trading Commission — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
More like this from CFTC
CFTC published 6 documents in the last 30 days. We email you each new one the day it's published.