Effective Date Set for CFTC Amendments Expanding Exemptions to Swap Clearing Requirements
CFTC amendments to swap clearing exemptions, including expanded exemptions for sovereign entities and small banking entities, were published in the Federal Register. The rule amendments will go into effect on December 30, 2020.
See previous coverage for more information on the background of the adopted changes and specific rules that are impacted.
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Commentary by Nihal Patel
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- CFTC Rules Part 50-Clearing Requirement and Related Rules
- CFTC Rules 50.26-50.49: Reserved
- CFTC Rule 50.50: Non-financial end-user exception to the clearing requirement.
- CFTC Rule 50.51: Cooperatives exempt from the clearing requirement.
- CFTC Rule 50.52: Affiliated entities exempt from the clearing requirement.
- CFTC Rule 50.53: Banks, savings associations, farm credit system institutions, and credit unions exempt from the clearing requirement.
- CFTC Rule 50.75: Swaps entered into by central banks or sovereign entities.
- CFTC Rule 50.76: Swaps entered into by international financial institutions.
- CFTC Rule 50.77: Interest rate swaps entered into by community development financial institutions.
- CFTC Rule 50.78: Swaps entered into by bank holding companies.
- CFTC Rule 50.79: Swaps entered into by savings and loan holding companies.
- 50.75 to 50.79: Subpart D-Swaps Not Subject to the Clearing Requirement
- 50.25 to 50.49: Subpart B-Clearing Requirement Compliance Schedule and Compliance Dates
- 50.50 to 50.52: Subpart C-Exceptions and Exemptions from the Clearing Requirement
- CFTC Effective Date: Swap Clearing Requirement Exemptions (2020-12-30)
- Commodity Exchange Act
- Swap Clearing Requirement
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