CFTC relaxes cross-border rules after commissioner backlash


The Commodity Futures Trading Commission (CFTC) has decided to allow non-US swaps entities and foreign branches of US dealers to comply with foreign regulations in certain circumstances, after an initial version of a proposed interpretative guidance on the cross-border application of the Dodd-Frank Act was watered down in the face of a commissioner backlash. Under the new proposed guidance, issued on Friday, non-US swap dealers and major swap participants will be able to apply their own, home