CFTC could force funds to break US or European law

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European hedge funds could be forced to choose whether to break new over-the-counter derivatives rules in either the US or Europe, because proposed guidance on the cross-border application of the Commodity Futures Trading Commission's (CFTC) Dodd-Frank Act rules does not include foreign OTC trading rules in its so-called substituted compliance regime – in which overseas entities are allowed to use local law.

"If you put a European hedge fund in a situation where it has to choose between

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