May 4, 2015

CFTC Staff Issues Interpretive Letter to Ford Motor Credit Company LLC

Washington, DC — The U.S. Commodity Futures Trading Commission’s (Commission) Division of Clearing and Risk (Division) today published a letter interpreting Section 2(h)(7)(C)(iii) of the Commodity Exchange Act (CEA) to clarify that a securitization special purpose vehicle that is wholly-owned by, and consolidated with, an entity described in Section 2(h)(7)(C)(iii) of the CEA qualifies as a captive finance company and, therefore, is eligible to elect the end-user exception from a clearing requirement determination issued by the Commission under Section 2(h) of the CEA.

This letter responds to letters that the Division received from Ford Motor Credit Company LLC and from American Honda Finance Corporation, CNH Industrial Capital LLC, Ford Motor Credit Company LLC, General Motors Financial Company Inc., Mercedes-Benz Financial Services, Mitsubishi Motors Credit of America Inc., Nissan Motor Acceptance Corporation, Toyota Financial Services, and VW Credit Inc.

Last Updated: May 4, 2015