Exceptions and Exemptions

Exceptions

The Commission issued final rules to implement the exception to the clearing requirements available to counterparties meeting certain conditions in section 2h(7) of the Commodity Exchange Act (CEA).

Exemptions

The Commission issued proposed rules under section 4(c) of the CEA to exempt certain swaps entered into by cooperatives from the clearing requirement of section 2(h)(i) of the CEA.

The Commission issued final rules under section 4(c) of the CEA to exempt swaps between certain affiliated entities within a corporate group from the clearing requirement of section 2(h)(i) of the CEA. 

Related Federal Register Releases

Final Rule: 85 FR 76428 // PDF Version
17 CFR Part 50
Swap Clearing Requirement Exemptions
Effective Date: Wednesday, December 30, 2020

See also:

83 FR 44001, 8/29/2018 // PDF Version
17 CFR Part 50
Amendments to Clearing Exemption for Swaps Entered Into by Certain Bank Holding Companies, Savings and Loan Holding Companies, and Community Development Financial Institutions

85 FR 27955, 5/12/2020 // PDF Version
17 CFR Part 50
Swap Clearing Requirement Exemptions

Final Rule: 85 FR 44170 // PDF Version
17 CFR Part 50
Exemption From the Swap Clearing Requirement for Certain Affiliated Entities--Alternative Compliance Frameworks for Anti-Evasionary Measures
Effective Date: Friday, August 21, 2020

See also:

84 FR 70446, 12/23/2019 // PDF Version
17 CFR Part 50
Exemption From the Swap Clearing Requirement for Certain Affiliated Entities--Alternative Compliance Frameworks for Anti-Evasionary Measures

Proposed Rule: 84 FR 70446 // PDF Version
12/23/2019
17 CFR Part 50 Exemption From the Swap Clearing Requirement for Certain Affiliated Entities--Alternative Compliance Frameworks for Anti-Evasionary Measures
Comment File - Closing Date: 2/21/2020

Final Rule: 78 FR 21749 // Proposed Rule: 77 FR 50425 // PDF Version
8/21/2012
17 CFR Part 39
Clearing Exemption for Swaps Between Certain Affiliated Entities
Comment File - Closing Date: 9/20/2012

Proposed Rule: 77 FR 47169 // PDF Version
8/7/2012
17 CFR Part 50
Clearing Requirement Determination Under Section 2(h) of the CEA
Comment File - Closing Date: 9/6/2012

Proposed Rule: 77 FR 41940 // PDF Version
7/17/2012
17 CFR Part 39
Clearing Exemption for Certain Swaps Entered Into by Cooperatives
Comment File - Closing Date: 8/16/2012

Final Rule: 77 FR 42559 // PDF Version
7/19/2012
17 CFR Part 39
End-User Exception to the Clearing Requirement for Swaps
Effective Date: September 17, 2012

Proposed Rule: 75 FR 80747 // PDF Version
12/23/2010
17 CFR Part 39 End-User Exception to Mandatory Clearing of Swaps
Comment File - Extended Date: 6/3/2011

Additional Information

No-Action Letter 13-23
June 7, 2013
Section 50.52 of the Commission’s regulations

Fact Sheet: Final Rule on End-User Exception to the Clearing Requirement for Swaps

Questions and Answers: End-User Exception to the Clearing Requirement for Swaps

Event: CFTC to Hold Open Meeting to Consider Final Rule on the Further Definition of the term “Swap,” Final Rule on the End-User Exception to Clearing, and Proposed Rule to Exempt from Clearing Certain Swaps by Cooperatives

Fact Sheet: Proposed Rule on the End-User Exception to Mandatory Clearing of Swaps

Q&A: End-User Exception to Mandatory Clearing of Swaps

Event: Open Meeting on Seventh Series of Proposed Rules under the Dodd-Frank Act

Date
SUBMISSION
05/02/2012
May 2 Chamber Group_1680 PDF Image
From External Meeting on 5/2/2012
10/18/2011
Transcript: Open Meeting to Consider Final Rule on Further Definition of the Term "Swap," Final Rule on the End User Exception to Clearing, and Proposed Rule to Exempt From Clearing Certain Swaps by Cooperatives PDF Image
CFTC
10/05/2011
NRU CFC Comments_1084 PDF Image
From External Meeting on 10/5/2011
10/04/2011
Church Alliance Cover Letter PDF Image
Church Alliance, From External Meeting on 10/4/2011
10/04/2011
The Church Alliance Follow Up to Meeting on September 9 at CFTC PDF Image
Church Alliance, From External Meeting on 10/4/2011
10/04/2011
Special Entity Definition – Opt-In for Church Plans PDF Image
Church Group, From External Meeting on 10/4/2011
10/04/2011
Church Plans – Definitions and Legislative History PDF Image
Church Alliance, From External Meeting on 10/4/2011
09/09/2011
Proposed Agenda for CFTC Meeting PDF Image
Church Alliance, From External Meeting on 9/9/2011
07/22/2011
Implementation of Dodd-Frank Act 2011 PDF Image
National Rural Utilities Cooperative Finance Corporation (CFC), From External Meeting on 7/22/2011
05/20/2011
Re: Rulemaking under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act PDF Image
Susquehanna Bank, From External Meeting on 5/20/2011
05/04/2011
Re: CFTC Legal Authority over Interaffiliate Transactions PDF Image
Prudential, From External Meeting on 5/4/2011
05/04/2011
Comment Letter with respect to the ANPRM re Definitions PDF Image
Prudential, From External Meeting on 5/4/2011
05/04/2011
Re: Definitions contained in Title VII of Dodd-Frank Wall Street Reform and Consumer Protection Act, 75 Fed. Reg. 80173 (Dec. 21, 2010) PDF Image
Prudential, From External Meeting on 5/4/2011
04/22/2011
OTC Swap Market Rulemaking PDF Image
Riverside Risk Advisors, From External Meeting on 4/22/2011
02/22/2011
IECA - End User Exemption PDF Image
Paul Cicio
02/16/2011
Kraft Handout Feb 16 2011_554 PDF Image
Kraft Foods
02/09/2011
Re: Proposed Rules Governing the End-User Exception to Mandatory Clearing of Security-Based Swaps - File Number S7-43-10 PDF Image
Better Markets, From External Meeting on 2/9/2011
01/21/2011
End User Clearing Exception PDF Image
Barbara Browning
01/13/2011
National Rural Utilities Cooperative Finance Corporation Views on Implementation of the Dodd-Frank Act PDF Image
National Rural Utilities Cooperative Finance Corporation, From External Meeting on 1/13/2011
01/13/2011
Implementation of Dodd-Frank 2011 PDF Image
National Rural Utilities Cooperative Finance Corporation, From External Meeting on 1/13/2011
12/09/2010
Transcript of Open Meeting on the Seven Series of Proposed Rulemakings Under the Dodd-Frank Act PDF Image
CFTC
12/03/2010
Comments on Rulemakings Required by the Dodd-Frank Wall Street Reform Act PDF Image
Peter J. Carini
12/01/2010
Guidance for Rulemaking Team PDF Image
Cargill
11/29/2010
Re: CFTC Rulemakings as Required by the Dodd-Frank Wall Street Reform Act PDF Image
Hirsch Fuels, Inc.
11/24/2010
Re: CFTC Rulemakings as Required.by the Dodd-Frank Wall Street Reform Act PDF Image
OMEGA
11/22/2010
Pre-NOPR Comments to End User Exception Task Force (XI) PDF Image
National Rural Electric Cooperative Association; American Public Power Association; American Public Gas Association; Large Public Power Council
11/22/2010
Pre-Rule Proposal Comments of EEI and EPSA PDF Image
Edison Electric Institute and Electric Power Supply Association
11/12/2010
Meeting with Commodity Futures Trading Commission Staff PDF Image
Coalition of Physical Energy Companies
11/12/2010
cope_317 PDF Image
Coalition of Physical Energy Companies (COPE), From External Meeting on 11/12/2010
11/11/2010
Definition of Commercial Risk for Purposes of the End User Exception from Clearing PDF Image
Securities Industry and Financial Markets Association
11/09/2010
AGA Pre-Proposal Comments on End-User Exception PDF Image
American Gas Association
11/05/2010
"Re: The Definition of ""Commercial Risk"" under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act" PDF Image
Working Group of Commercial Energy Firms
10/25/2010
Hess information sheet PDF Image
Hess Energy
10/25/2010
Master Agreements, Netting, Credit and Collateral in Bilateral Energy Markets PDF Image
Edison Electric Institute
10/25/2010
Master Agreements Netting Credit and Collateral in Energy Markets 10 25 10_227 PDF Image
Edison Electric Institute, From External Meeting on 10/25/2010
10/21/2010
Presentation to CFTC PDF Image
NextEra Energy Resources
10/21/2010
NextEra Energy Resources Presentation to CFTC Oct 21_211 PDF Image
NextEra Energy Resources, From External Meeting on 10/21/2010
10/11/2010
NGFA Comments on Dodd-Frank Act PDF Image
National Grain and Feed Association
09/29/2010
Natural Gas Supply Association PDF Image
Natural Gas Supply Association
09/29/2010
NGSA CFTC Comments_09.28.2010_100 PDF Image
Natural Gas Supply Association (NGSA), From External Meeting on 9/29/2010
09/17/2010
Agenda of 9-17 CFTC-SEC Meeting with Pension Plans PDF Image
PPPS
09/17/2010
Comments of American Benefits Council Provided at 9-17 CFTC Meeting PDF Image
ABC
09/17/2010
Agenda of 9-17 CFTC-SEC Meeting with Pension Plans_25 PDF Image
American Benefits Council, From External Meeting on 9/17/2010
09/17/2010
Comments of American Benefits Council Provided at 9-17 CFTC Meeting_25 PDF Image
American Benefits Council, From External Meeting on 9/17/2010
09/15/2010
CFTC Agenda - September 15 20101 (2)_26 PDF Image
NFP Energy End User Coalition, From External Meeting on 9/15/2010
09/14/2010
Grain Farmer/Co-op Hedging PDF Image
Grain Farmer/Co-op Hedging
09/14/2010
Dairy Farmer/Co-op Hedging PDF Image
Dairy Farmer/Co-op Hedging
09/14/2010
Over the Counter Derivatives PDF Image
Over the Counter Derivatives
09/14/2010
Farmer/Co-op Fuel Hedging PDF Image
Farmer/Co-op Fuel Hedging
09/14/2010
Co-op Fertilizer Hedging PDF Image
Co-op Fertilizer Hedging
09/14/2010
NCFC Hedging Dairy_7 PDF Image
National Council of Farmer Cooperatives (NCFC), From External Meeting on 9/14/2010
09/14/2010
Dodd-Frank OTC Derivatives 2010_7 PDF Image
National Council of Farmer Cooperatives (NCFC), From External Meeting on 9/14/2010
09/14/2010
Docs from NCFC Meeting_8 PDF Image
National Council of Farmer Cooperatives (NCFC), From External Meeting on 9/14/2010
09/14/2010
NCFC Grain Farmer Co-op Hedging_7 PDF Image
National Council of Farmer Cooperatives (NCFC), From External Meeting on 9/14/2010
09/14/2010
NCFC Fuel Farmer Co-op Hedging_7 PDF Image
National Council of Farmer Cooperatives (NCFC), From External Meeting on 9/14/2010
09/14/2010
NCFC Hedging Fertilizer_7 PDF Image
National Council of Farmer Cooperatives (NCFC), From External Meeting on 9/14/2010
09/02/2010
A Power Producer?s Perspective on Dodd-Frank (Hedging Physical Power) PDF Image
Exelon
09/01/2010
Argus Oil Market Regulation Summit 2010 PDF Image
Argus
09/01/2010
dmb argus_72 PDF Image
Argus Oil Market Regulation Summit 2010
08/23/2010
Electric Power Supply Association (ESPA) PDF Image
Daniel Dolan