Extraterritoriality: CFTC rules ‘confusing and inconsistent’

The US Commodity Futures Trading Commission published its proposals on extraterritoriality in June, but last-minute rewrites have left the guidance littered with inconsistencies. Dealers also complain the conditions for applying foreign rules are too limited and complex. By Matt Cameron


Bankers may have breathed a sigh of relief when flicking through the US Commodity Futures Trading Commission’s (CFTC) take on the cross-border reach of the Dodd-Frank Act. The interpretative guidance, published on June 29, initially appeared to take a much softer stance than the industry had feared, declaring that non-US swaps entities and foreign branches, affiliates and subsidiaries of US banks would be able to comply with foreign rules in certain circumstances – an approach known as

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