CFTC cross-border guidance 'has the feel of a rule', lawyers agree

A rule by any other name


Lawyers expect a group of three associations to win the industry’s latest legal battle with the US Commodity Futures Trading Commission (CFTC). At issue is the agency’s decision to release guidance on how to apply its Dodd-Frank Act regulations to cross-border and overseas trades, rather than binding rules. This was an attempt to cut corners, the associations claim in their December 4 lawsuit: the agency regards the guidance as enforceable, in the same way as a rule, but did not w