CFTC temporarily exempts cross-border applications from derivatives rules

摘要

The Commodity Futures Trading Commission on December 21 approved in a 4-1 vote a long-awaited order that temporarily exempts cross-border applications from swap market rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under the order, a non-US citizen who registers with the CFTC as a swap dealer or major swap participant may delay compliance with certain entity-level requirements of swaps rules and certain transaction-level requirements. The order also includes a definition of the "US person" that includes such entities as banks, hedge funds and limited liability companies. "The purpose of the order is to foster an orderly phase in to the new swaps regulatory regime and to provide market participants greater certainty regarding their obligations with respect to cross-border swap activities," the agency said.