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<p><span>I support the revised and extended staff no-action relief regarding swaps intended to be cleared (&ldquo;No-Action Relief&rdquo;).&nbsp;&nbsp;This expanded No-Action Relief appropriately recognizes the developments in the cleared swaps market in the decade following the issuance of the existing no-action positions in 2013, including the Commission&rsquo;s issuance of exemptions from registration to certain non-US clearing organizations and swap execution facilities as provided for in the Commodity Exchange Act (&ldquo;CEA&rdquo;).</span><span>&nbsp;This approach facilitates the efficient use of cleared swaps and furthers our mandate to recognize comparable, comprehensive supervision and regulation of derivatives market infrastructure providers in other countries.</span></p>

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