Regulatory Alerts2016-10-18 | 2016-24905Cross-Border Application of the Registration Thresholds and External Business Conduct Standards Applicable to Swap Dealers and Major Swap Participants
The Commodity Futures Trading Commission proposes rules to define the cross-border application of swap dealer and major swap participant registration thresholds and external business conduct standards under the Commodity Exchange Act. The proposal establishes specific definitions for 'U.S. person' and 'Foreign Consolidated Subsidiary' to determine when cross-border transactions, including those arranged, negotiated, or executed by U.S. personnel, trigger U.S. regulatory obligations. These measures aim to codify previous interpretive guidance while addressing the global nature of the swap market and the interconnectedness of financial institutions.
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