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Legal Update

CFTC Sued on Extraterritorial Application of Dodd-Frank Swap Rules

4 December 2013
Mayer Brown Legal Update

On December 4, 2013, the International Swaps and Derivatives Association, the Securities Industry and Financial Markets Association and the Institute of International Bankers sued the CFTC for defects in the CFTC’s “Interpretive Guidance and Policy Statement Regarding Compliance with Certain “Regulations” (the “ET Guidance”).

The multi-count complaint faults the CFTC for, among other things, failing to follow complete rulemaking procedures (including failing to provide a cost-benefit analysis) and producing an arbitrary and capricious result. The suit, which challenges aspects of other CFTC Dodd-Frank swap rules as well, seeks broad relief, including that the ET Guidance be vacated.

Mayer Brown counseled ISDA with respect to aspects of this action.

For more information about the matters raised in this Legal Update, please contact , , or .

Authors

  • Joshua Cohn
    Senior Counsel, Independent Contractor
    T +1 212 506 2539
  • Curtis A. Doty
    T +1 212 506 2224
  • Jerome J. Roche
    T +1 202 263 3773
  • David R. Sahr
    T +44 20 3130 3496

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