A CFTC proposal to exempt from mandatory clearing certain swaps entered into by bank holding companies, savings and loan holding companies, and community development financial institutions was published in the Federal Register. Comments on the proposal must be received on or before October 29, 2018.
As previously covered, the proposal addresses the size of the relevant institutions and the size and type of swaps entered into by such institutions. The CFTC also noted that the proposed changes to CFTC Rule 50.5 would not provide an exemption from regulatory margin requirements applicable to uncleared swaps under CFTC Regulation 23.150, et seq.
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