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Clifford Chance

Briefings

US Treasury exempts Foreign Exchange Swaps and Forwards from Regulation as Swaps

6 February 2014

The Secretary of the Treasury (the "Secretary") has issued a final determination (the "Determination") under the Commodity Exchange Act (the "CEA") that excludes foreign exchange swaps and foreign exchange forwards ("FX Transactions") from regulation as swaps under the CEA and from the definition of "swap" under the CEA.  As a result, FX Transactions will not be regulated under the CEA, other than with respect to certain reporting, business conduct and anti-evasion rules.  However, the Secretary did not extend this determination to non-deliverable foreign exchange forwards.

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US Treasury exempts Foreign Exchange Swaps and Forwards from Regulation as Swaps

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