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Treasury Secretary Exempts Certain Foreign Exchange Swaps and Forwards from the Swap Definition
20 November 2012
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The Secretary of the Treasury has issued a final determination exempting both foreign exchange swaps and foreign exchange forwards from the definition of "swap" under the Commodity Exchange Act (the "CEA"). Other currency derivatives, including non-delivery forwards, are not covered by this exemption.
Notwithstanding the final determination, foreign exchange swaps and forwards will be subject to certain regulatory and historic reporting requirements under Section 4r of the CEA and any party to a foreign exchange swap or forward that is a swap dealer or major swap participant must comply with the business conduct standards contained in Section 4s(h) of the CEA.
The final determination does not exempt foreign exchange swaps and forwards traded on a designated contract market or a swap execution facility from any applicable anti-manipulating provision of the CEA.
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