Regulatory Alerts2013-07-22 | 2013-17467Added · Updated
Exemptive Order Regarding Compliance With Certain Swap Regulations
The Commodity Futures Trading Commission issued an exemptive order providing temporary conditional relief from certain Dodd-Frank Act swap regulations to facilitate the transition to the new regulatory regime. The order extends the use of a temporary definition of 'U.S. person' and allows non-U.S. persons to exclude swaps with non-U.S. counterparties from de minimis and major swap participant threshold calculations for 75 days after final guidance publication. This relief aims to prevent market disruption and legal uncertainty while the Commission finalizes substituted compliance determinations with foreign jurisdictions.
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