CFTC Approves Final Interpretative Guidance With Respect To The Cross-Border Application Of Certain Swap Provisions Of The Commodity Exchange Act

Introduction -

On July 12, 2013, the Commodity Futures Trading Commission (the “CFTC” or the “Commission”) approved final interpretative guidance (the “Final Guidance”)1 regarding the cross-border application of certain swap provisions of the Commodity Exchange Act (the “CEA”). In order to aid in the transition to the new swaps regulatory regime set forth in the Final Guidance, on the same day, the Commission adopted an accompanying final exemptive order (the “Final Order”), which provides time-limited relief to non US swap dealers and non-US major swap participants and foreign branches of US swap dealers and US major swap participants from certain swap provisions of the CEA. The Final Order should be considered in conjunction with the Final Guidance. We have discussed the Final Order in a separate Client Alert.

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