Clifford Chance

CFTC Releases Cross-Border Swaps Guidance

3 July 2012

On June 29, 2012, the U.S. Commodity Futures Trading Commission ("CFTC") released its long-awaited draft interpretive guidance (the "Release") on the "Cross-Border Application of Certain Swaps Provisions of the Commodity Exchange Act".  The Release provides important clarification on the CFTC's proposals for regulating swap transactions involving U.S. and non-U.S. counterparties. 

Simultaneously with the Release, the CFTC released a proposed exemptive order (the "Order") to provide temporary relief from compliance with certain regulatory requirements regarding swaps activity.  The Order allows certain swap dealers and major swap participants to delay compliance with some of the otherwise mandatory requirements relating to swaps activity with non-U.S. counterparties.

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