On 14 September 2020, the Commodity Futures Trading Commission (CFTC) published a final rule in the Federal Register entitled "Cross Border Application of the Registration Thresholds and Certain Requirements Applicable to Swap Dealers and Major Swap Participants" (the final rule). The final rule is an important step in the CFTC's efforts to clarify and consolidate the various interpretations of the global reach of its regulatory authority after many years of issuing guidance, no-action letters, and other interpretations, often inconsistent and confusing.