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Tuesday, April 2, 2013

CFTC Approves Exemption of Certain Swaps from Clearing Requirements

The CFTC issued a final rule to exempt swaps between certain affiliated entities within a corporate group from the clearing requirement under section 2(h)(1)(A) of the Commodity Exchange Act (CEA) and CFTC regulations, subject to a number of conditions. The Dodd-Frank Act amended the CEA to require clearing of certain swaps.

The approved rule permits affiliated counterparties to elect not to clear a swap subject to the clearing requirement if those counterparties are majority-owned affiliates whose financial statements are included in the same consolidated financial statements and meet a number of additional conditions.

Read more.

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