DCR is extending the relief provided by CFTC Letter No. 20-13 and will not recommend that the Commission take enforcement action against the European Stability Mechanism (ESM) for failure to comply with the swap clearing requirement until the earlier of: (i) December 31, 2020, at 11:59 pm (Eastern Time); or (ii) the effective date of final Commission action applicable to swaps entered into by ESM that would otherwise be subject to the Commission’s clearing requirement.

Revised time-limited no-action position with respect to uncleared swaps with the European Stability Mechanism under Commission regulation 23.150-161.

Extended no-action relief for the European Stability Mechanism from the swap clearing requirement in Section 2(h)(1) of the Commodity Exchange Act and Commission regulations 50.2 and 50.4.

Revised no-action relief for the European Stability Mechanism from the swap clearing requirement in Section 2(h)(1) of the Commodity Exchange Act and Commission Regulations 50.2 and 50.4.

Revised no-action position with respect to uncleared swaps with the European Stability Mechanism under Commission Regulations 23.150-159, 23.161.