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The Commodity Futures Trading Commission ("Commission") has proposed amendments to part 39 of its regulations to codify the policies and procedures that the Commission is currently following with respect to granting exemptions from registration as a derivatives clearing organization ("DCO”) for the clearing of swaps if the Commission determines that a DCO is subject to comparable, comprehensive supervision and regulation by an appropriate governmental authority in the organization’s home country. The Commission has issued a supplemental proposal that would further permit DCOs that are exempt from registration to clear swaps for U.S. customers under certain circumstances.