CFTC No-Action Relief for Swap Clearing by Cooperatives and Affiliates

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On November 28, the CFTC Division of Clearing and Risk issued time-limited no-action letters granting relief from required clearing under Section 2(h)(1)(A) of the Commodity Exchange Act and the newly adopted Part 50 regulations for (i) certain swaps entered into by qualifying cooperatives and (ii) certain swaps entered into by qualifying affiliated counterparties. The no-action relief provided by each letter will remain effective until the earlier of April 1, 2013 or the effective date of final rulemaking regarding the clearing exemptions for cooperatives or affiliated counterparties, respectively. CFTC Release (Cooperatives). CFTC Release (Affiliates). CFTC No Action Letter (Cooperatives). CFTC No Action Letter (Affiliates).

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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