END-USER CLEARING EXCEPTION INSTRUCTIONS Rule Section 2(h)(7)(A) of the CEA and CFTC Regulation 50.50 and 50.51, as well as CFTC Staff NoAction Letter 13-22, provide for an exception from clearing.
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How to fill out the End User Clearing Exception Form online
Filling out the End User Clearing Exception Form is essential for users looking to claim the exception from clearing for certain swaps. This guide provides step-by-step instructions to help users complete the form accurately and effectively.
Follow the steps to complete the End User Clearing Exception Form online.
- Press the ‘Get Form’ button to obtain the form and open it in your preferred editing tool.
- Fill out the Entity Information section, including the full legal name of the electing counterparty, optional DTCC account number, and the CICI/LEI required for filing.
- Complete the Primary Contact Information, ensuring to provide the name, contact phone, and email of the person responsible for filing the form.
- Indicate the Required Regulatory Information by checking one of the options regarding financial entity status, confirming whether the swaps are utilized to hedge or mitigate risk.
- Specify how the electing counterparty meets its financial obligations related to non-cleared swaps by checking all applicable options in the Financial Obligations section.
- In the Issuer of Securities section, indicate whether the electing counterparty is an issuer of securities and provide the required details if applicable.
- Sign the form, providing the physical or electronic signature, name, title, and date of execution to ensure that the filing is valid and official.
- Return the completed form to the operations email inbox as a hard copy or electronically, and ensure all required information is provided for the form to be considered complete.
- Upon submission, monitor for any communication regarding the completeness of your form and make necessary adjustments as indicated by the reviewing team.
Complete your End User Clearing Exception Form online today to ensure compliance and streamline your reporting process.
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Get answers to your most pressing questions about US Legal Forms API.
What is a non financial end-user?
Non-financial end user means a counterparty that is not a swap dealer, a major swap participant, or a financial end user.
What is a financial end-user?
Financial end user means a counterparty that is not a swap entity and satisfies one of the twelve factors found in the definitions in 17 C.F.R. § 23.151.
What is the end-user exemption?
A so-called “end-user exception” allows parties to claim exemption from the clearing mandate and continue executing uncleared swaps with their dealer counterparties if one of them: Is not a financial entity.
What is the final rule on end-user exception to the clearing requirement for swaps?
The final rule exempts banks, savings associations, farm credit system institutions, and credit unions with total assets of $10 billion or less from the definition of “financial entity,” making such “small financial institutions” eligible for the end-user exception.
What is a clearing exception?
Clearing Exception means an exception from the clearing requirement set forth in Section 2(h)(1) of the Act because one counterparty to the transaction is entitled to the exception from the clearing requirement set forth in Section 2(h)(7) of the Act, CFTC Regulations or CFTC Staff No- Action Letters.
What is the end-user exception for hedging?
The End-User Exception is intended to permit non-financial swap counterparties to continue to enter into swaps to hedge risks associated with their underlying business without the potentially burdensome obligations that accompany central clearing of swaps.
What is the end-user exception to mandatory clearing of security-based swaps?
The commercial end-user exception provides an exception to the clearing requirement so that certain nonfinancial entities that use swaps and security-based swaps to hedge or mitigate commercial risks associated with their underlying business are not required to submit such instruments for clearing.
What is the end-user exception to clearing?
The end-user exception (i) allows an end-user of a swap that would otherwise be subject to the Clearing Mandate to be excused from the Clearing Mandate under certain circumstances and provided that the end-user meets certain requirements, and (ii) acts as an exception from the Trade Execution Requirement that are ...
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