The CFTC published in the Federal Register a final rule that establishes a framework for granting derivatives clearing organization registration exemptions to non-U.S. clearing organizations under certain conditions. The final rules go into effect on February 8, 2021.
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The CFTC adopted final rules for granting derivatives clearing organization registration exemptions to non-U.S. clearinghouses seeking to clear proprietary swaps for certain U.S. persons and futures commission merchants.
The CFTC granted exemptions to five foreign futures and options markets to allow their member firms to accept U.S. customer funds for margining futures and options contracts without registering as futures commission merchants with the CFTC.
In an open meeting, the CFTC approved three final rules: (i) one concerning position limits for derivatives, (ii) one extending the Phase VI compliance date of the margin requirements for uncleared swaps for swap dealers and major swap participants, and (iii) one exempting certain foreign intermediaries from the requirement to register as CPOs.
A CFTC supplemental rule proposal was published in the Federal Register which would permit low-risk derivatives clearing organizations that are exempt from registration to offer clearing to U.S. persons under certain circumstances.