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CFTC Cross-Border Guidance, Temporary Exemptive Order and No-Action Letters
24 July 2013
The CFTC has issued final interpretive guidance and a policy statement regarding the cross-border application of swaps provisions of the Dodd-Frank Act.
The guidance addresses the U.S. person definition, the framework for swap dealer and major swap participant registration determinations, the treatment of swaps involving foreign branches of U.S. banks, the application of Entity-Level and Transaction-Level Requirements to SDs, MSPs and non-SD/MSPs and substituted compliance determinations, among other things.
The CFTC also published an exemptive order granting temporary relief from certain swap regulations to non-U.S. swap dealers and major swap participants and to foreign branches of U.S. swap dealers and major swap participants, which expires on December 21, 2013 or such earlier date specified in the order.
The CFTC also issued four no-action letters addressing certain issues relating to swaps regulation, following the announcement of a common "Path Forward" for the U.S. and EU regulation of cross-border derivatives.
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