RegAlert2019-10-16 | CFTC Staff Letter 19-23Added · Updated
CFTC Staff Letter 19-23: Revised No-Action Relief for European Stability Mechanism from Swap Clearing Requirement
The Division of Clearing and Risk grants the European Stability Mechanism time-limited no-action relief from the swap clearing requirement under Section 2(h)(1) of the Commodity Exchange Act and Regulations 50.2 and 50.4. This relief remains effective until the earlier of April 14, 2020, at 11:59 pm Eastern Time, or the effective date of final Commission action applicable to swaps entered into by the European Stability Mechanism. The letter rescinds CFTC Letter No. 17-34 and amends the position in CFTC Letter No. 17-58, which is phased out through this new time-limited position. The relief does not exempt the European Stability Mechanism from other provisions such as recordkeeping and reporting requirements under Parts 23 and 45.
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CFTC Letter No. 19-23 No-Action October 16, 2019
U.S. COMMODITY FUTURES TRADING COMMISSION
Three Lafayette Centre
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Division of Clearing and Risk M. Clark Hutchison III Director Re: Revised No-Action Relief for the European Stability Mechanism 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 Ladies and Gentlemen:
On November 7, 2017, the Division of Clearing and Risk (“Division”) of the Commodity Futures Trading Commission (“CFTC” or “Commission”) published CFTC Letter No. 17-58 1 explaining that the Division would not to recommend that the Commission take enforcement action against the European Stability Mechanism (“ESM”) for failure to comply with the Commission’s clearing requirement under section 2(h)(1) of the Commodity Exchange Act (“CEA”) as implemented by Commission regulations 50.2 and 50.4 (“Clearing Requirement”). 2
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Lineage: Superseded
Timeline
Amended 2 times · last 2020-08-27
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
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CFTC published 6 documents in the last 30 days. We email you each new one the day it's published.