CFTC Could Exempt Some Cooperatives From Swaps Rules

Law360, New York (July 16, 2012, 7:37 PM EDT) -- The U.S. Commodity Futures Trading Commission said Monday it wants to give cooperatives representing smaller financial institutions, such as credit unions or farm credit system organizations, an exemption for clearing certain swaps under new rules being outlined under the Dodd-Frank Act.

The smaller institutions themselves have already been exempted, but after receiving requests from the cooperatives that represent groups of such organizations, the CFTC is proposing to exclude them as well.

“In effect, they proposed that because a cooperative acts in place of its members when...
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