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14 January 2015
On November 26 2014 the Commodity Futures Trading Commission (CFTC) issued CFTC Staff Letter 14-144, a no-action letter modifying relief that was previously issued for treasury affiliates in June 2013, in CFTC No-Action Letter 13-22. Similar to the June 2013 letter, the new letter provides relief from required clearing for 'eligible treasury affiliates' that are wholly owned by a non-financial parent company and are defined as 'financial entities' under the Commodity Exchange Act, due to the activities undertaken on behalf of their non-financial affiliates. The new letter makes several changes to the June 2013 letter, including:
CFTC Staff Letter 14-144 is available at www.cftc.gov/ucm/groups/public/@lrlettergeneral/documents/letter/14-144.pdf.
For further information on this topic please contact Donna M Parisi, Geoffrey B Goldman or Azam H Aziz at Shearman & Sterling LLP by telephone (+1 212 848 4000), fax (+1 212 848 7179) or email (firstname.lastname@example.org, email@example.com or firstname.lastname@example.org). The Shearman & Sterling website can be accessed at www.shearman.com.
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