Page 596 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

facilities (MTFs) and two organised trading facilities authorized within the European
Union (EU) from CFTC swap execution facility (SEF) registration requirements. The

exempted MTFs are Financial & Risk Transaction Services Ireland Limited (Ireland)

and TRAD-X MTF (France). The exempted OTFs are Market Securities OTF (France)

and Tradition España OTF (Spain).

Section 5h(g) of the Commodity Exchange Act (CEA) provides the CFTC may

grant such an exemption if it finds that a foreign SEF is subject to comparable,

comprehensive supervision and regulation by the appropriate governmental

authorities in the facility’s home country. The CFTC may likewise revoke exempt

status when a facility is no longer authorized and/or in good standing in its home

country.

On December 8, 2017, the CFTC issued an order determining that the EU
regulatory framework for MTFs and OTFs satisfies the standard in CEA section 5h(g)

to exempt a SEF from registration with the CFTC. Under the order, the European
Commission is empowered, on an ongoing basis, to request such exemption for

facilities meeting certain legal requirements be added to the list of MTFs and OTFs

that were granted exempt SEF status under the order.

This amendment brings the total number of exempted MTFs and OTFs in the EU

to 16.

United Kingdom-Based MTFs and OTFs Removed from Order of Exemption

In January 2020, the United Kingdom (UK) and the EU finalized the Agreement

on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from

the European Union and the European Atomic Energy Community. Under this

agreement, the UK left the EU as of the end of January 31, 2020 and entered into a

transition period that expired on December 31, 2020. Therefore, UK-based MTFs and

OTFs have been removed from the list of eligible MTFs and OTFs covered by the EU
order of exemption under section 5h(g) of the CEA.

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