First substituted compliance determinations by year-end, says Gensler

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US substituted compliance determinations for entity-level rules in the six largest overseas jurisdictions should be completed by December 21, when a current exemptive order runs out, according to Gary Gensler, chairman of the Commodity Futures Trading Commission (CFTC). But he is less certain about transaction-level rules, raising the prospect the non-US swap dealers, non-US swap participants and foreign branches of US banks will have to temporarily comply with certain Dodd-Frank rules. The c