Page 41 - 期貨和衍生品行業(yè)監(jiān)管動態(tài)（2024年8月刊）
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期貨和衍生品行業(yè)監(jiān)管動態(tài)
衍生品清算機構(gòu)（DCOs）的適用性問題。該函取代了 CFTC 于 2016 年發(fā)布的僅
適用于歐盟衍生品清算機構(gòu)的第 16-26 號信函，是 CFTC 對歐盟關(guān)于其衍生品清
算機構(gòu)監(jiān)管框架等效性認(rèn)定的回應(yīng)的一部分。【參見 CFTC 新聞稿第 7342-16 號】
第 16-26 號信函發(fā)布時，英國是歐盟的一部分，因此該信函也適用于位于英
國的衍生品清算機構(gòu)。英國在 2019 年脫歐后，采納并保留了歐盟《歐盟市場基
礎(chǔ)設(shè)施監(jiān)管條例》（EMIR）中適用于中央對手方（CCP）的監(jiān)管框架。隨后，英
國財政部發(fā)布了一項法定文件，認(rèn)定 CFTC 的衍生品清算機構(gòu)監(jiān)管制度與英國的
中央對手方監(jiān)管制度等效。鑒于這些發(fā)展，清算和風(fēng)險部已更新第 16-26 號信函，
明確將其適用于英國脫歐后位于英國的衍生品清算機構(gòu)。
CFTC Staff Issues No-Action Letter for EU-Based and UK-Based DCOs
Regarding Certain Requirements Applicable to DCOs (2024/8/23)
The Commodity Futures Trading Commission’s Division of Clearing and Risk
(DCR) today issued a no-action letter to address the applicability of certain CFTC
regulations to registered derivatives clearing organizations (DCOs) based in either the
European Union (EU) or the United Kingdom (UK). This letter replaces CFTC Letter
16-26, which applied only to EU-based DCOs and was issued in 2016 as part of the
CFTC’s response to the EU equivalence determination with regard to the CFTC’s
regulatory framework for DCOs. [See CFTC Press Release No. 7342-16]
At that time, the UK was a part of the EU, and therefore, CFTC Letter 16-26 also
applied to DCOs based in the UK. After withdrawing from the EU in 2019, the UK
adopted and retained the EU regulatory framework for central counterparties (CCPs)
in the European Market Infrastructure Regulation. The UK’s HM Treasury
subsequently published a statutory instrument concluding the CFTC’s regime for
regulating DCOs is equivalent to the UK’s regime for regulating CCPs. Given these
developments, DCR has updated CFTC Letter 16-26 to explicitly apply it to
UK-based DCOs post-Brexit.
https://www.cftc.gov/PressRoom/PressReleases/8949-24
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