In 2013, the Commodity Futures Trading Commission (CFTC) adopted final guidance describing the circumstances in which the Dodd-Frank Act requirements will apply to cross-border swap activities (Guidance). In conjunction with the Guidance, the CFTC issued an interim exemptive order phasing in the implementation of its Guidance (Exemptive Order). Since then, the CFTC has taken various other actions on cross-border swap activities that have resulted in a complicated mosaic of compliance obligations. Attached to this client alert are four tables showing the current compliance status of the CFTC’s swap regulations for cross-border swaps activities.
Delayed and Substituted Compliance -
The Exemptive Order delayed compliance with certain CFTC swap rules for non U.S. swap dealers (non-U.S. SDs), non-U.S. major swap participants (non-U.S. MSPs) and foreign branches of U.S. banks that are SD/MSPs (Foreign Branches) established in six jurisdictions: Australia (AU), Canada (CA), the European Union (EU), Japan (JP), Hong Kong (HK) and Switzerland (CH) (collectively the Six Jurisdictions)...
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