On December 4, the Commodity Futures Trading Commission’s (CFTC) Market Participants Division (MPD) and Division of Clearing and Risk (DCR) jointly issued no-action relief, effective immediately, to provide greater certainty to the global marketplace in connection with the withdrawal of the United Kingdom from the European Union. The relief permits market participants to transfer certain swaps to an affiliate without such swaps becoming subject to the CFTC’s swap clearing requirement or uncleared swap margin requirement. The relief applies to transfers that occur up to one year following the conclusion of the transition period.
The press release is available here.
CFTC Staff Letter 20-42 is available here.