Regulatory Alerts2012-07-12 | 2012-16496Added · Updated
Cross-Border Application of Certain Swaps Provisions of the Commodity Exchange Act
The Commodity Futures Trading Commission issued proposed interpretive guidance and a policy statement to clarify the cross-border application of swaps provisions under the Commodity Exchange Act enacted by the Dodd-Frank Act. The document outlines how the Commission determines whether non-U.S. persons must register as swap dealers or major swap participants and defines the scope of entity-level and transaction-level requirements for cross-border swaps. It also establishes the procedural framework for substituted compliance, allowing foreign regulatory requirements to substitute for CEA obligations where comparable.
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