On Tuesday, August 13th, the Commission issued a final rule exempting swaps between qualified cooperatives from the clearing requirement set in Part 50 of the Commission's regulations. These qualifying entities would be able to default from the clearing process set out in the Dodd-Frank Act's amendments of the Commodity Exchange Act. These cooperatives can now elect not to clear a swap subject, as long as the members are non-financial entities. The reporting counterparty must still report that they have elected not to go through the clearing process. This rule was bundled with a time-sensitive no-action letter granting relief for qualifying cooperatives which will expire on the effective date listed in the final rule. CFTC Release 6665-13.