CFTC Issues No-Action Relief to ICE Clear Europe and LCH.Clearnet Regarding Customer Accounts Held at Bank of England (CFTC Letters 14-123 and 14-124)

The CFTC issued two nearly identical letters to ICE Clear Europe Limited ("ICE") and LCH.Clearnet Limited ("LCH") providing no-action relief for failing to obtain or provide the CFTC with an executed version of the template acknowledgement letter required by CFTC Rule 1.20(g)(4) for customer accounts maintained at the Bank of England ("BoE"). Instead, the relief allows ICE and LCH to use the Bank of England ("BoE") Acknowledgment Letter in place of the CFTC Template Letter.

Additionally, the CFTC granted an exemption to ICE and LCH from the requirements of CFTC Rule 1.49(d)(3) that permits ICE and LCH to hold customer funds at the BoE.

See: CFTC Letter 14-123; CFTC Letter 14-124.