Risk USA: Cross-border conflicts could leave firms unable to comply
Hedge fund CQS warns US persons definition will make compliance more difficult - or even impossible
Derivatives users will end up in breach of new post-crisis market reforms because of extraterritorial conflicts between regulators, buy-side firms warned at the Risk USA conference in New York earlier today - with one of the problems being proposed guidance on the cross-border application of the Commodity Futures Trading Commission's rules (CFTC).
"It is extremely likely you are going to get financial institutions falling foul of compliance rules in multiple jurisdictions, and not through want
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