On July 12, 2013, the Commodity Futures Trading Commission (the “CFTC” or “Commission”) approved a final version of its interpretive guidance and policy statement (the “Guidance”) and an exemptive order (the “Exemptive Order”) regarding the application of certain swaps 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 affiliates and branches, other market participants, and various related issues. The Guidance sets forth the Commission’s general policy regarding the cross-border application of certain swaps provisions of the Dodd-Frank Act. The Exemptive Order provides time-limited relief for non-U.S. SDs, non-U.S. MSPs, and foreign branches of a U.S. SD or MSP from certain swaps provisions of the Dodd-Frank Act. The Exemptive Order became effective on July 13, 2013 and the Commission is soliciting comments for thirty days.
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