In-depth introduction: US extraterritoriality

The Commodity Futures Trading Commission’s approach to cross-border supervision has caused confusion among some market participants

A tangled tale: cross-border supervision has become a confusing issue

To comprehend just how tangled the web of US cross-border swap regulations has become in the years since the financial crisis, it's worth taking a moment to recount the story so far.

In 2010, section 722 of the Dodd-Frank Act empowered US regulators to apply their as-yet undeveloped swap rules to any activities outside the US, so long as those activities have a "direct and significant connection with activities in, or effect on, the commerce of the US".

The Commodity Futures Trading Commission

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