Page 22 - 期货和衍生品行业监管动态（2025年4月）

期货和衍生品行业监管动态

因此在此之前不受此类要求约束。

不行动函声明，针对上述转移安排且在满足特定条件的情况下：

 市场参与者部（MPD）将不会建议 CFTC 对 UBS AG London Branch 的

部分互换交易对手方未遵守 CFTC 未中央清算互换交易保证金要求的行

为采取执法行动；

 清算与风险部（DCR）将不会建议 CFTC 对 UBS AG 或其部分交易对手

方未遵守 CFTC 互换交易清算要求的行为采取执法行动。

该函是针对 UBS AG 所提请求的回应。

CFTC Staff Issues No-Action Letter Regarding the Merger of UBS Group and

Credit Suisse Group (2025/4/15)

The Commodity Futures Trading Commission’s Market Participants Division

and Division of Clearing and Risk today issued a no-action letter regarding the

CFTC’s swap clearing and uncleared swap margin requirements. The letter is in

connection with a court-supervised transfer, consistent with United Kingdom laws, of

certain swaps from Credit Suisse International to UBS AG London Branch following

the merger of UBS Group AG and Credit Suisse Group AG.

These legacy swaps were entered into prior to the relevant compliance dates for

the CFTC’s margin and clearing requirements, and, therefore, were not subject to such

requirements prior to this court-supervised transfer.

The no-action letter states, in connection with such transfer and subject to certain

specified conditions:

 MPD will not recommend the Commission take an enforcement action

against certain of UBS AG London Branch’s swap dealer counterparties for

s
their failure to comply with the CFTC’ uncleared swap margin requirements
for such transferred swaps; and

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