On November 29th, the CFTC's Division of Clearing and Risk announced the issuance of a time-limited, no-action letter granting relief from required clearing under section 2(h)(1)(A) of the Commodity Exchange Act and the Commission's newly adopted Part 50 regulations for certain swaps entered into by qualifying cooperatives. The no-action letter provides that DCR will not recommend an enforcement action for failure to clear a swap entered into by a cooperative if one of the counterparties to the swap is a cooperative whose members are either non-financial entities or cooperatives whose members are non-financial entities. In addition, the no-action relief only applies to swaps entered into in connection with originating loans to cooperative members or that are related to loans to, or swaps with, members. The conditions are substantially similar to those included in the proposed cooperative exemption rule published in the Federal Register on July 17, 2012. The proposed rule is not yet final. The no-action relief will remain in effect until the earlier of April 1, 2013, or the effective date of a CFTC rulemaking finalizing the proposed cooperative exemption. CFTC Press Release.