On July 13, 2013, the Commodity Futures Trading Commission (the “CFTC”) approved a second final exemptive order (the “Final Order”) providing time-limited relief from certain cross-border applications of the swaps provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) and the CFTC’s regulations. The purpose of the Final Order is to facilitate an orderly transition to the new swaps regulatory regime with respect to cross-border activities. On July 17, 2013, the CFTC also issued final guidance (the “Cross-Border Guidance”) with respect to such cross-border activities. The CFTC has recognized that the substituted compliance program under the Cross-Border Guidance could benefit from additional time. In order to provide market participants (both non-US and US) greater certainty regarding their obligations, the CFTC has issued time-limited relief and extended certain aspects of the relief granted under the January 7, 2012 final temporary exemptive order (the “January Order”).The Final Order should be read in conjunction with the Cross-Border Guidance. We have discussed the Cross-Border Guidance in detail in a separate Client Alert.
The Final Order is effective from July 13, 2013 until December 21, 2013 (or such earlier date specified in the Final Order) and also requests comments on any issues that are not fully addressed in the Final Order. The comment period was open for 30 days.
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