On November 2, the Commodity Futures Trading Commission (CFTC) voted to approve final rules that exempt swaps entered into by certain financial institutions from the CFTC’s clearing requirement under Section 2(h)(1) of the Commodity Exchange Act. These financial institutions include central banks, sovereign entities, international financial institutions, certain bank holding companies, savings and loan holding companies and community development financial institutions. In addition, the CFTC released a compliance schedule identifying the past compliance dates for the swap clearing requirement regulations released in 2012 and 2016. The rule will become effective 30 days after its publication in the Federal Register.
The CFTC press release, which includes a link to the rule, is available here.