CFTC Grants Substituted Swaps Compliance for Six Foreign Jurisdictions

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)...

Please see full memorandum below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Topics:  CFTC, Compliance, Dodd-Frank, Exemptive Orders, Foreign Jurisdictions, Swaps

Published In: General Business Updates, Finance & Banking Updates, International Trade Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Skadden, Arps, Slate, Meagher & Flom LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »