RegAlert2020-08-27 | CFTC Staff Letter 20-22Added · Updated
CFTC Staff Letter 20-22: Extension of No-Action Relief for ESM from Swap Clearing Requirement
The Division of Clearing and Risk extends no-action relief to the European Stability Mechanism (ESM) from the swap clearing requirement under Section 2(h)(1) of the Commodity Exchange Act and Regulations 50.2 and 50.4 until the earlier of December 31, 2020, at 11:59 pm Eastern Time, or the effective date of final Commission action applicable to ESM swaps. The Division will not recommend enforcement action against ESM for failure to comply with this requirement during the specified period. This relief supersedes previous letters 17-58, 19-23, and 20-13, except for swaps entered into under letter 17-58 which may continue to rely on that specific relief. The letter does not provide relief from other provisions such as recordkeeping and reporting requirements under parts 23 and 45.
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CFTC LETTER NO. 20-22 NO-ACTION AUGUST 27, 2020
Re: Extension of 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:
The Division of Clearing and Risk (“Division”) of the Commodity Futures Trading Commission (“CFTC” or “Commission”) is extending the relief provided by CFTC Letter No. 20-13 1 to the European Stability Mechanism (“ESM”). The relief provided by this letter supersedes relief provided to ESM under CFTC Letter No. 20-13, which modified previously granted relief. On November 7, 2017, the Division published CFTC Letter No. 17-58 2 explaining that the Division would not recommend that the Commission take enforcement action against 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”). 3
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This document supersedes: CFTC Staff Letter 20-13: Extended No-Action Relief for European Stability Mechanism from Swap Clearing Requirement, CFTC Staff Letter 19-23: Revised No-Action Relief for European Stability Mechanism from Swap Clearing Requirement, CFTC Staff Letter 17-58: No-Action Relief for European Stability Mechanism from Swap Clearing Requirement
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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