Singapore's absence from CFTC substituted compliance regime creates uncertainty
Treatment of Singapore-based branches of US firms unclear
Singapore's absence from the substituted compliance regime outlined by the Commodity Futures Trading Commission (CFTC) in its cross-border guidelines for the application of Dodd-Frank regulation issued on Friday has created uncertainty over how the branches of US banks in the city-state will be regulated.
The CFTC clarified some long-standing points of debate in areas such as substituted compliance, swap trade aggregation and US person definition. It also issued an exemptive order from Dodd
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