No-action letter for CME Clearing Europe granting relief from obligations applicable to derivatives clearing organizations (DCO) during the wind-down period preceding impending vacation of its DCO registration.

Extension of time-limited no-action relief for Shanghai Clearing House with regard to the requirement to register as a DCO in order to clear swaps for US persons.

Grant of no-action relief for Eurex Clearing AG with regard to Regulation 39.19(c)(3)(ii).

Time-limited no-action relief for Shanghai Clearing House with regard to Section 5b(a) of the Commodity Exchange Act and Commission Regulations thereunder.

The CFTC’s Division of Clearing and Risk (the “Division”) issued a no-action letter providing limited no-action relief for derivatives clearing organizations (“DCOs”) that are registered with the Commission and are authorized to operate as central counterparties (“CCPs”) in the EU from the application of Commission regulations to discrete aspects of their non-U.S. clearing activities.

The Division of Clearing and Risk extended the no-action relief granted in CFTC Letter 14-156 to Eurex Clearing and its U.S. clearing members with regard to Sections 5b(a) and 2(h)(1)(A) of the Commodity Exchange Act. The time-limited no-action relief is subject to several conditions.

The CFTC Division of Clearing and Risk (the Division) interprets Part 39 (subparts A, B and C) to incorporate all of the standards set forth in the PFMIs and, indeed, to be fully consistent with the PFMIs. This position is supported by CFTC Regulation 39.40, which states that [t]his subpart C is intended to establish standards which, together with subparts A and B of this part [Part 39 of CFTC regulations], are consistent with Section 5b(c) of the Act and the Principles for Financial Market Infrastructures… and should be interpreted in that context.

Time-limited no-action relief for Korea Exchange, Inc. with regard to Section 5b(a) of the Commodity Exchange Act and Commission Regulations thereunder.

Extension of joint no-action relief granted by DCR and DMO on September 27, 2013, allowing LCH.Clearnet Ltd to clear contracts listed for trading on Nodal Exchange LLC.

Extension of no-action relief granted by DCR on September 23, 2013, allowing LCH.Clearnet Ltd to clear swaps executed on designated contract markets and swap execution facilities.