The Commodity Futures Trading Commission’s Division of Clearing and Risk has extended through December 31, 2015, previously granted relief in connection with so-called “outward-facing swaps, ” subject to various conditions. These typically involve swaps subject to a CFTC-mandated clearing requirement transacted bilaterally between two or more affiliated companies and ultimately opposite a non-affiliated party outside the US. The CFTC’s Division of Market Oversight has likewise extended until January 1, 2016, the earliest date when swaps subject to a CFTC-mandated clearing requirement between affiliated companies will be required to be executed on a designated contract market or a swap execution facility.