Insights & Publications
Diversity & Inclusion
© 2020 Debevoise & Plimpton LLP
Notice Regarding the Effective Date of the CFTC Clearing Exemption for Swaps Between Certain Affiliated Entities
7 June 2013
Beginning June 10, 2013, all commodity pools, private funds and persons predominantly engaged in banking or financial activities, other than third-party subaccounts, must start clearing all of their interest rate swaps and index credit default swaps that are subject to the mandatory clearing requirement, unless an exemption applies.
Today, the CFTC issued a notice stating that the effective date of the final rule adopting a clearing exemption for certain inter-affiliate swaps has been automatically extended by operation of law from June 10, 2013 to June 18, 2013.
Thus, to ensure that parties intending to rely on this exemption are not required to clear their inter-affiliate swaps during the interim period, the effective date of the clearing requirement has also been extended until June 18, 2013 for swaps between "eligible affiliate counterparties," as defined in the CFTC regulations.
Structured Finance & Derivatives
Emilie T. Hsu
UK Modern Slavery Act Transparency Statement
Debevoise Women's Review