CFTC Staff Provides Further Brexit-Related Relief to Provide Market Certainty
December 15th | 2020
The CFTC’s Market Participants Division (MPD) and Division of Clearing and Risk (DCR) recently announced they are jointly issuing no-action relief, effective December 4, 2020, to provide greater certainty to the global marketplace in connection with the withdrawal of the United Kingdom from the European Union (Brexit).
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 Brexit transition period.