CFTC cross-border guidance 'has the feel of a rule', lawyers agree
The US Commodity Futures Trading Commission will lose a lawsuit challenging its cross-border guidance, lawyers are predicting – even though one commission insider insists it has done nothing wrong. It’s a prospect that should cheer the industry, but could usher in months of chaos. Peter Madigan reports
Lawyers expect a group of three associations to win the industry’s latest legal battle with the US Commodity Futures Trading Commission (CFTC). At issue is the agency’s decision to release guidance on how to apply its Dodd-Frank Act regulations to cross-border and overseas trades, rather than binding rules. This was an attempt to cut corners, the associations claim in their December 4 lawsuit: the agency regards the guidance as enforceable, in the same way as a rule, but did not want the baggage
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