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"