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Dec 27, 2012

CFTC Issues Final Exemptive Order Temporarily Limiting Cross-Border Application of the Swaps Provisions of the Dodd-Frank Act

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On December 21, 2012 the U.S. Commodity Futures Trading Commission issued a final order granting temporary relief from certain swap provisions of Title VII of the Dodd-Frank Act in connection with non-U.S. activity. Under the final order, until July 12, 2013, a non-U.S. person that registers as a swap dealer or major swap participant may delay compliance with certain entity-level requirements of the Commodity Exchange Act (and CFTC regulations promulgated thereunder). Further, until July 12, 2013, non-U.S. Swap Dealers and MSPs and foreign branches of U.S. Swap Dealers and MSPs may delay compliance with certain transaction-level requirements of the Commodity Exchange Act (and CFTC regulations promulgated thereunder), subject to specified conditions. The CFTC also provided additional proposed interpretive guidance concerning the extent to which the new registration and regulatory requirements for swaps under the Dodd Frank Act apply to transactions and persons outside of the United States.

View full memo, "CFTC Issues Final Exemptive Order Temporarily Limiting Cross-Border Application of the Swaps Provisions of the Dodd-Frank Act"

Authors and Contributors

Azam Aziz

Partner

Derivatives & Structured Products

+1 212 848 8154

+1 212 848 8154

New York

Patrick Clancy

Partner

Derivatives & Structured Products

+44 20 7655 5878

+44 20 7655 5878

London

Thomas Donegan

Partner

Financial Institutions Advisory & Financial Regulatory

+44 20 7655 5566

+44 20 7655 5566

London

Geoffrey Goldman

Partner

Derivatives & Structured Products

+1 212 848 4867

+1 212 848 4867

New York

Donna Parisi

Partner

Derivatives & Structured Products

+1 212 848 7367

+1 212 848 7367

New York

Barnabas Reynolds

Partner

Financial Institutions Advisory & Financial Regulatory

+44 20 7655 5528

+44 20 7655 5528

London

Bradley K. Sabel

Of Counsel

Financial Institutions Advisory & Financial Regulatory

+1 212 848 8410

+1 212 848 8410

New York