CFTC cross-border rules slammed as ‘rushed’
The CFTC appears to make some concessions in its cross-border rules, but critics question how substituted compliance will work, and claim the overall framework has been rushed
The Commodity Futures Trading Commission (CFTC) will take an outcomes-based approach to deciding whether foreign rules are equivalent to the Dodd-Frank Act – a concession that could make it easier for non-US swap dealers and foreign branches of US banks to apply their home regulations. But lawyers say new cross-border rules are confusing, unclear and rushed – with one CFTC commissioner questioning how substituted compliance decisions will be made.
The CFTC voted on its final guidance on the
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