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CONFIDENTIALITY ARRANGEMENT

REGARDING THE SHARING OF

CONFIDENTIAL INFORMATION IN CONNECTION WITH

CENTRAL COUNTERPARTY RESOLUTION PLANNING

1. The parties to this Confidentiality Arrangement (“Arrangement”) are the authorities 

listed in Annex A (each an “Authority” and together the “Authorities”). Each of the 

Authorities has supervisory, resolution, regulatory, and/or oversight responsibilities for 

certain central counterparties (“CCPs”). 

2. The Authorities anticipate participating and engaging in certain efforts concerning the 

resolution of CCPs to assist them in carrying out their respective responsibilities, 

including the consideration of resolution strategies and other issues related to CCP 

resolution and the resolution plans for particular CCPs that are subject to supervision, 

resolution, regulation, and/or oversight by one or more of the Authorities (“Resolution 

Planning”). 

3. This Arrangement does not create any legally binding or legally enforceable obligations, 

confer any rights, or give rise to any legal claim on behalf of any Authority or any third 

party. 

4. This Arrangement does not contemplate roles, responsibilities, or powers beyond those 

granted to each Authority under the relevant laws, regulations, and requirements 

applicable to that Authority (“Applicable Law”). 

5. This Arrangement should be interpreted in a manner that is permitted by, and consistent 

with, Applicable Law. 

6. This Arrangement does not supersede or modify Applicable Law or restrict the 

Authorities in the exercise of their powers and functions, and nothing in this 

Arrangement affects the competence or the supervisory, resolution, regulatory, and/or 

oversight authority of the Authorities under Applicable Law.
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7. Each Authority may have existing bilateral or multilateral arrangements with one or 

more Authorities or may execute bilateral or multilateral arrangements in the future. 

This Arrangement is not intended to amend or supersede existing arrangements or limit 

the terms of future arrangements. 

8. The Authorities may share information with one another on Resolution Planning for 

CCPs pursuant to this Arrangement. For purposes of this Arrangement, an Authority 

that provides Confidential Information to another Authority is a “Providing Authority” 

and the Authority receiving such Confidential Information is the “Receiving Authority.” 

A Providing Authority may share Confidential Information with one or more 

Authorities, each of which would be a Receiving Authority.

9. Any information shared pursuant to this Arrangement, other than information that is 

already publicly available, will be presumed to be “Confidential Information” until the 

Providing Authority confirms in writing to the Receiving Authority that the information 

is not confidential. Such Confidential Information includes the information itself, in 

any form (including oral), and any document to the extent that it contains such 

information. The provisions of this Arrangement do not apply to data or information 

obtained by an Authority through another bilateral or multilateral arrangement with 

another Authority or Authorities or directly from a CCP. However, if that Authority 

subsequently shares such data or information with one or more Authorities under this 

Arrangement, the provisions of this Arrangement would apply to the Receiving 

Authority or Authorities with respect to such data or information.

10. Each Authority will share Confidential Information pursuant to this Arrangement only 

to the extent permitted by Applicable Law.

11. Each Authority will, to the extent permitted by Applicable Law, maintain the 

confidentiality of all Confidential Information obtained pursuant to this Arrangement

consistent with the following limitations:
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a. Each Authority will use any such Confidential Information only for lawful purposes 

related to the Authority’s supervisory, resolution, regulatory, and/or oversight 

functions.

b. Access at each Authority to Confidential Information received pursuant to this 

Arrangement will be restricted to staff with a genuine need for such access in 

connection with the Authority’s foregoing functions, and Confidential Information 

will be maintained and handled in a manner consistent with the treatment of similar 

information maintained and handled in that Authority’s jurisdiction.

c. Except as provided below in subparagraph 11(d), before a Receiving Authority 

discloses any Confidential Information obtained pursuant to this Arrangement to a 

third party or to another Authority that is not a Receiving Authority, the Authority 

seeking to disclose the Confidential Information will request and obtain prior written 

consent from the Providing Authority.

d. In the event that a Receiving Authority is required by law or legal process, including a 

legally enforceable demand, to disclose Confidential Information obtained pursuant to 

this Arrangement, it will, to the extent permitted by Applicable Law, inform the 

Providing Authority about such possible disclosure in advance of disclosing the 

Confidential Information. If the Providing Authority objects to such disclosure, the 

Receiving Authority, if possible and appropriate, will, to the extent permitted by 

Applicable Law, resist disclosure, including by asserting all legal exemptions and 

privileges that may be available. Alternatively, where appropriate and to the extent 

practicable, the Receiving Authority may give the Providing Authority a reasonable 

opportunity to take whatever action the Providing Authority deems appropriate to 

preserve, protect, or maintain the confidentiality of the Confidential Information or 

any privileges associated therewith. 

e. The foregoing provisions in subparagraphs 11(a)-(d) extend to analyses, evaluations, 

and work product derived from the Confidential Information shared under this 

Arrangement. Nothing in this Arrangement is intended to prevent an Authority from 

using or revealing to any third party the Authority’s own judgments, analyses, 

opinions, or findings so long as the Authority acts independently and does not cite, 
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refer to, or otherwise explicitly rely on the judgments, analyses, opinions, or findings 

of a Providing Authority. It is understood that an Authority may be aware of the 

judgments, analyses, opinions, or findings of another Authority in forming its own 

independent judgments, analyses, opinions, or findings. 

12. A Receiving Authority will notify the Providing Authority as soon as possible in the 

event it becomes aware of an unauthorized disclosure of Confidential Information 

obtained from the Providing Authority, including, where possible, identifying the 

person(s) to whom the information was disclosed or otherwise made available.

13. The Authorities acknowledge that an Authority’s inability or failure to maintain the 

confidentiality of Confidential Information shared pursuant to this Arrangement may 

result in that Authority having limited or no access to Confidential Information pursuant 

to this Arrangement in the future.

14. No privileges or confidentiality associated with Confidential Information provided by 

any Authority are intended to be waived as a result of sharing Confidential Information 

as contemplated by this Arrangement, and nothing in this Arrangement waives or alters 

any provision of Applicable Law relating to Confidential Information. For the 

avoidance of doubt, the sharing of Confidential Information between or among the 

Authorities pursuant to this Arrangement will not constitute public disclosure. 

15. Any modification to this Arrangement will be agreed to in writing by all Authorities. 

16. An Authority may discontinue its participation in this Arrangement at any time by 

providing written notice to the other Authorities. The use and confidentiality provisions 

set forth in this Arrangement will continue to apply to all Confidential Information in the 

possession of any Authority, even if such Authority discontinues its participation in this 

Arrangement.
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This Confidentiality Arrangement Concerning the Sharing of Confidential Information in 

Connection with Central Counterparty Resolution Planning is signed by the representatives of 

each Authority, and will enter into operation with respect to each Authority, as of the date written 

below such Authority’s signature block.
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ANNEX A

The following Authorities are parties to this Arrangement:

Bank of England

Board of Governors of the Federal Reserve System1

Federal Deposit Insurance Corporation

U.S. Commodity Futures Trading Commission

U.S. Securities and Exchange Commission

 

1 The Authorities understand that the Confidential Information provided by the Commodity Futures Trading 

Commission (CFTC) may be shared by the CFTC pursuant to Section 8(e) of the Commodity Exchange Act, and that 

Federal Reserve Banks may access Confidential Information provided by the CFTC under Section 8(e) only to the 

extent that they are performing functions delegated to them by the Board of Governors.
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Signature Block Format (Each Authority Please Fill In):

Bank of England 

By: Sasha Mills

Executive Director of Resolution 24/08/2020

By: Christina Segal-Knowles 

Executive Director of Financial Market Infrastructure Directorate 27/08/2020
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Federal Reserve Board of Governors 

By: ___________________ 

07/20/2020 

Date 

Director, Reserve Bank Operations & Payment Systems 

~atthew Matthew E)2iichner chner
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Signature Block Format (Each Authority Please Fill In): 

By: 

Federal Deposit Insurance Corporation 

Ricardo R. Delfin 

Director, Division of Complex Institution Supervision and Resolution 
Signature Block Format (Each Authority Please Fill In): 

U.S. Commodity Futures Trad ing Commission 

By, 

Heam J-' . I arbe rt 

()cf;L~ ~0;).0 

October I, 202cf 

Cha irma n & Chief Executive 

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U.S. Securities and Exchange Commission 

By: December 7, 2020 

Jay Clayton Date 

Chairman