Australia to receive go-ahead for CFTC substituted compliance

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The Commodity Futures Trading Commission (CFTC) is set to grant Australia a positive substituted compliance determination across several key areas that will allow Australian firms to follow local rules in order to comply with the Dodd-Frank Act. Under the substituted compliance framework introduced in July, the CFTC said it would determine by December 21 (when the current exemptive order expires) whether six jurisdictions – Australia, Hong Kong, Japan, Switzerland, Canada and the Europe