Finance ministers warn US on extraterritoriality
Letter to US Treasury secretary says OTC rules should be applied within national borders only. Signatories include French, German, UK finance ministers
The US approach to the cross-border application of over-the-counter derivatives rules is "not sustainable" according to a letter sent to US Treasury secretary Jack Lew yesterday by eight finance ministers and the European Commission. Implementation of reforms agreed by the Group of 20 (G-20) nations has moved faster in the US than in other jurisdictions and in July last year the Commodity Futures Trading Commission (CFTC) proposed that its transaction-level rules on clearing, execution and
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