The US Commodity Futures Trading Commission (“CFTC”) has taken another step in refining its framework for cross-border activities, with a new set of proposed rules applicable to the cross-border application of margin requirements for uncleared swaps.
The proposal, issued by the CFTC on June 29, 2015, differs in certain significant respects from the CFTC’s existing Cross-Border Guidance1 as well as its prior advance notice of proposed rulemaking with respect to the cross-border application of margin requirements.2 The proposal reflects certain aspects of the cross-border approach proposed by the US bank regulators (“Prudential Regulators”) in their parallel proposed rules with respect to uncleared swap margin for swap entities subject to their jurisdiction.
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