Further Guidance and Order with Respect to Cross-Border Application of CFTC Swap Regulation
- The CFTC issued a time limited exemptive order regarding the cross-border application of certain swap regulations to non-U.S. swap dealers and major swap participants, including registration requirements and certain entity-level and transaction-level requirements applicable to swaps.
- The CFTC also issued further interpretation on the cross-border application of the requirement that swaps entered into by affiliates be aggregated in determining the availability of the de minimis exception from swap dealer registration.
- The exemptive relief is effective until July 12, 2013, during which time the CFTC will not require the submission of a compliance plan in connection with the phasing in of compliance.
- Separately, the CFTC also issued further proposed guidance on alternative definitions for the term "U.S. Person," for which the CFTC is seeking comments before February 6, 2013.