On June 10th, the CFTC's Division of Clearing and Risk issued a letter stating that it will not recommend enforcement action against Corporación Andina de Fomento ("CAF") for failure to comply with the clearing requirement of Section 2(h)(1) of the Commodity Exchange Act. The Division believes that granting this no-action to CAF would be consistent with the end-user exception to the Clearing Requirement, in which the Commission determined that certain international financial institutions should not be subject to the Clearing Requirement. CFTC Letter No. 13-25.