CFTC relaxes cross-border rules after commissioner backlash
Chairman Gensler is understood to have relented on ‘substituted compliance’ in order to pass the proposed guidance
The Commodity Futures Trading Commission (CFTC) has decided to allow non-US swaps entities and foreign branches of US dealers to comply with foreign regulations in certain circumstances, after an initial version of a proposed interpretative guidance on the cross-border application of the Dodd-Frank Act was watered down in the face of a commissioner backlash.
Under the new proposed guidance, issued on Friday, non-US swap dealers and major swap participants will be able to apply their own, home
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