On July 19th, the CFTC's Division of Clearing and Risk issued time-limited, no-action relief from required clearing for certain swaps entered into by qualifying cooperatives. The conditions are substantially similar to the conditions included in the proposed cooperative exemption rule published by the CFTC in the Federal Register on July 17, 2012, as well as the conditions in prior no-action relief granted by DCR to qualifying cooperatives on November 28, 2012, June 7, 2013, and June 21, 2013. Because the proposed cooperative exemption rule is not yet final, the extension of the no-action relief will remain in effect until the earlier of August 16, 2013, or the effective date of a Commission rulemaking finalizing the proposed cooperative exemption. CFTC Letter No. 13-47.