Time-Limited No-Action Relief for Small Banks from Board Approval Requirement of Section 2(j) of the CEA and End-User Exception

The Division of Clearing and Risk grants Small Banks with assets of less than $10 billion relief from the board approval requirement of Section 2(j) of the CEA and Regulation 50.50(b)(1)(iii)(D)(2) until July 10, 2013. This no-action relief allows these banks to utilize the End-User Exception for uncleared swaps executed on or after June 10, 2013, without prior board approval. Affected entities must satisfy the asset and organizational requirements of Regulation 50.50(d) and obtain retroactive board approval no later than July 10, 2013.

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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. 13-26
No-Action
June 10, 2013
Division of Clearing and Risk
Re: Time-Limited No-Action Relief for Certain Banks Having Assets of Less than $10 billion from the Board Approval Requirement of Section 2(j) of the CEA and the End-User Exception to the Clearing Requirement (§ 50.50(b)(1)(iii)(D)(2)) Ladies and Gentlemen:
The Division of Clearing and Risk (the “Division”) of the Commodity Futures Trading Commission (“Commission”) has received a number of inquiries from banks having assets of less than $10 billion (“Small Banks”) seeking to utilize the end-user exception to the clearing requirement (“Regulation 50.50” or “End-User Exception”) 1 pursuant to paragraph (d) thereof. 2

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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