Page 41 - 期货和衍生品行业监管动态（2024年8月刊）

期货和衍生品行业监管动态

衍生品清算机构（DCOs）的适用性问题。该函取代了 CFTC 于 2016 年发布的仅

适用于欧盟衍生品清算机构的第 16-26 号信函，是 CFTC 对欧盟关于其衍生品清

算机构监管框架等效性认定的回应的一部分。【参见 CFTC 新闻稿第 7342-16 号】

第 16-26 号信函发布时，英国是欧盟的一部分，因此该信函也适用于位于英

国的衍生品清算机构。英国在 2019 年脱欧后，采纳并保留了欧盟《欧盟市场基

础设施监管条例》（EMIR）中适用于中央对手方（CCP）的监管框架。随后，英

国财政部发布了一项法定文件，认定 CFTC 的衍生品清算机构监管制度与英国的

中央对手方监管制度等效。鉴于这些发展，清算和风险部已更新第 16-26 号信函，

明确将其适用于英国脱欧后位于英国的衍生品清算机构。

CFTC Staff Issues No-Action Letter for EU-Based and UK-Based DCOs

Regarding Certain Requirements Applicable to DCOs (2024/8/23)

The Commodity Futures Trading Commission’s Division of Clearing and Risk

(DCR) today issued a no-action letter to address the applicability of certain CFTC

regulations to registered derivatives clearing organizations (DCOs) based in either the

European Union (EU) or the United Kingdom (UK). This letter replaces CFTC Letter

16-26, which applied only to EU-based DCOs and was issued in 2016 as part of the

CFTC’s response to the EU equivalence determination with regard to the CFTC’s
regulatory framework for DCOs. [See CFTC Press Release No. 7342-16]

At that time, the UK was a part of the EU, and therefore, CFTC Letter 16-26 also

applied to DCOs based in the UK. After withdrawing from the EU in 2019, the UK

adopted and retained the EU regulatory framework for central counterparties (CCPs)

in the European Market Infrastructure Regulation. The UK’s HM Treasury

subsequently published a statutory instrument concluding the CFTC’s regime for

regulating DCOs is equivalent to the UK’s regime for regulating CCPs. Given these

developments, DCR has updated CFTC Letter 16-26 to explicitly apply it to

UK-based DCOs post-Brexit.

https://www.cftc.gov/PressRoom/PressReleases/8949-24

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