CFTC – Approves Final Rule Amendments to Swap Clearing Requirement Exemptions

November 2, 2020

Clearing Requirement Exemptions

CFTC amended end-user exceptions from clearing in CFTC regulation 50.4, 17 CFR 50.4. Amendments exempt from clearing requirement swaps entered into by certain central banks, sovereign entities, international financial institutions, bank holding companies, savings, loan holding companies, and community development financial institutions.

Codified exemption of swaps entered into foreign central banks/governments. Exempted four International Financial Institutions (IFIs) that previously received staff no-action letters in 2013 and 2017. Approved to publish chart outlining compliance dates for swaps required to be cleared. Moved provisions that exempt eligible banks, savings associations, credit unions, farm credit institutions from the definition of financial entity to separate rule for ease of access.

Made minor amendments in order to codify existing relief and exempt swaps entered into by certain bank holding companies, savings and loan holding companies. Created subpart D to distinguish Part 50 exemptions of specific swaps from exceptions, exemptions for market participants eligible to elect exception/exemption via subpart C.


The Final Rule will become effective in 30 days from pending publication in the Federal Register.

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