The CFTC published in the Federal Register a final rule that establishes a framework for granting derivatives clearing organization ("DCO") registration exemptions. The final rule - which impacts non-U.S. clearing organizations seeking to clear proprietary swaps for certain U.S. persons and futures commission merchants - goes into effect on February 8, 2021.
As previously covered, under the final rule the CFTC may exempt a non-U.S. clearing organization from DCO registration for the clearing of swaps if it determines, among other things, that the clearing organization is "subject to comparable, comprehensive supervision and regulation by a home country regulator."
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