Errors in CFTC extraterritorial guidance to be amended
A CFTC source acknowledges that inconsistencies in the proposed interpretative guidance on the cross-border application of Dodd-Frank will have to be ironed out
The Commodity Futures Trading Commission (CFTC) will make changes to its interpretative guidance on the cross-border application of the Dodd-Frank Act to remove several inconsistencies and errors that have come to light since the document was published on June 29, according to a senior CFTC source.
The interpretative guidance sets out a framework under which non-US swaps entities and foreign branches, affiliates and subsidiaries of US banks can apply foreign rules that are equivalent to Dodd
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