Risk on extraterritoriality

Asia globe

The Commodity Futures Trading Commission (CFTC) published its long-awaited cross-border guidance on July 12 – a year after it released its initial guidance.

The guidance outlines how the Dodd-Frank Act applies across borders, and sets out the definition of US person, as well as the treatment for non-US swap dealers, non-US swap participants and foreign branches of US banks.

Central to the guidance is the concept of substituted compliance, which allows non-US swap entities to apply foreign rules

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