On June 4, 2013, the Division of Clearing and Risk (the “Division”) of the US Commodity Futures Trading Commission (the “CFTC”) granted limited no-action relief from the mandatory clearing requirement for swaps entered into by certain treasury affiliates within non-financial corporate groups (the “No-Action Relief”). The relief will permit eligible treasury affiliates that are not otherwise eligible for the end-user exception to continue to enter into non-cleared hedging transactions for the benefit of their non-financial affiliates, but is subject to certain conditions and limitations.View full memo, "CFTC Grants No-Action Relief From Clearing Requirement for Certain Treasury Affiliates"
