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CFTC Proposes Clearing Exemption for Swaps Between Certain Affiliated Entities
28 August 2012
The CFTC has proposed an exemption to the clearing requirement for certain swaps between affiliated counterparties.
Under the proposed exemption, subject to the satisfaction of certain CFTC requirements, a swap between eligible affiliates need not be cleared if both parties elect not to clear it and its basic terms are documented in writing.
Among other requirements, such swap must be subject to a risk management program and to collateralization under certain circumstance, and the parties will have to comply with additional reporting requirements.
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