On November 28 2016 the Commodity Futures Trading Commission (CFTC) extended the relief granted under No-Action Letters 15-62 and 15-63 until December 31 2017. The extended no-action relief in CFTC Letter 16-80 exempts inter-affiliate swaps from the trade execution requirement under Section 2(h)(8) of the Commodity Exchange Act, subject to certain requirements. In addition, CFTC Letter 16-81 extends temporary relief from the trade execution requirement to certain affiliate counterparties.

For further information on this topic please contact Donna M Parisi, Geoffrey B Goldman or Azam H Aziz at Shearman & Sterling LLP by telephone (+1 212 848 4000) or email (dparisi@shearman.com, geoffrey.goldman@shearman.com or aaziz@shearman.com). The Shearman & Sterling website can be accessed at www.shearman.com.

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