The Division of Clearing and Risk (DCR) issued a letter stating that it will not recommend that the Commission take enforcement action against LCH.Clearnet Ltd (LCH) for clearing certain swaps (DCM/SEF Swaps) executed on, or subject to the rules of, designated contract markets or swap execution facilities, and will not recommend enforcement action against LCH’s clearing members for clearing DCM/SEF Swaps through LCH.

Time-Limited No-Action Relief from the Clearing Requirement for Swaps Entered into by Cooperatives.

Extension of Time-Limited No-Action Relief from the Clearing Requirement for Swaps Entered into by Cooperatives.

No-Action Relief for Eurex Clearing AG with Regard to Sections 5b(a) and 2(h)(1)(A) of the Commodity Exchange Act and Implementing Regulations Thereunder.

No-Action Relief for LCH.Clearnet with Regard to Sections 5b(a) and 2(h)(1)(A) of the Commodity Exchange Act and Implementing Regulations Thereunder.

Extension of Time-Limited No-Action Relief from the Clearing Requirement for Swaps Entered into by Cooperatives.
The Division is extending the relief provided in the June 7 No-Action Relief until July 19, 2013. Accordingly, the Division will not recommend that the Commission commence an enforcement action against a person for failure to comply with the requirement under section 2(h)(1)(A) of the CEA and part 50 of the Commissions regulation to clear a CDS or interest rate swap subject to required clearing in 50.4 of the Commissions regulations.

Interpretation of Commission Regulation 1.73(a)(2)(iv).
Regulation 1.73 addresses risk management by clearing FCMs. Section (a)(2)(iv) provides that when a firm executes an order on behalf of a customer but gives it up to another firm for clearing, the clearing FCM shall establish risk-based limits and enter into an agreement in advance with the executing firm that requires the executing firm to screen orders for compliance with those limits.

Time-Limited No-Action Relief for Certain Banks Having Assets of Less than $10 billion from the Board Approval Requirement of Section 2(j) of the CEA and the End-User Exception to the Clearing Requirement (§ 50.50(b)(1)(iii)(D)(2)).

No-Action Relief for Corporación Andina de Fomento from the Swap Clearing Requirement in Section 2(h)(1) of the Commodity Exchange Act and Commission Regulations 50.2 and 50.4.

Time-Limited No-Action Relief from the Clearing Requirement for Swaps Entered into by Cooperatives.