• CFTC Update: Proposed Guidance on Cross-Border Application of Swaps Provisions of the Dodd-Frank Act & Proposed Interpretive Order Regarding Phased Compliance Program for Certain Swap Regulations
  • July 19, 2012 | Authors: William J. Breslin; Victoria T. Mazgalev; Robert M. McLaughlin; David S. Mitchell
  • Law Firms: Fried, Frank, Harris, Shriver & Jacobson LLP - Washington Office ; Fried, Frank, Harris, Shriver & Jacobson LLP - New York Office
  • On June 29, 2012, the Commodity Futures Trading Commission (the "CFTC" or the "Commission") approved two notices addressing the application of certain swap provisions under The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") to U.S. and non-U.S. swap dealers ("SDs"), major swap participants ("MSPs") and their foreign affiliates, and other related issues. One notice contains proposed interpretive guidance on the cross-border application of certain swaps provisions of the Dodd-Frank Act. See 77 Fed. Reg. 41214 (July 12, 2012). Comments are due on or before August 27, 2012. The other notice contains a proposed exemptive order setting forth a phased compliance program for swap dealing by non-U.S. SDs and MSPs, U.S. SDs and MSPs, and foreign branches of U.S. SDs and MSPs. See 77 Fed. Reg. 41110 (July 12, 2012). Comments on this proposal are due on or before August 13, 2012.