Singapore's absence from CFTC substituted compliance regime creates uncertainty

Wax seal with question mark

Singapore's absence from the substituted compliance regime outlined by the Commodity Futures Trading Commission (CFTC) in its cross-border guidelines for the application of Dodd-Frank regulation issued on Friday has created uncertainty over how the branches of US banks in the city-state will be regulated.

The CFTC clarified some long-standing points of debate in areas such as substituted compliance, swap trade aggregation and US person definition. It also issued an exemptive order from Dodd

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