On July 12, 2013, the US Commodity Futures Trading Commission (the "CFTC") adopted its finalized interpretive guidance and policy statement (the "Cross-Border Guidance") regarding the cross-border application of the swaps provisions of Title VII of the Dodd-Frank Act, together with an exemptive order that provides phase-in periods for swap market participants to adjust their activities to the Cross-Border Guidance. Overlaps and inconsistencies between different jurisdictions’ swaps regulations, when applied extraterritorially, have the potential to disrupt and fragment global markets. As an early step toward a resolution, the CFTC and the European Commission (the “EC”) announced their “path forward” on July 11, the eve of the expiration of an earlier CFTC exemptive order, under which international market participants had been operating.

Please join Mayer Brown attorneys Josh Cohn and Curtis Doty in a discussion of the following topics:

  • Overview of the Cross-Border Guidance;
  • Challenges in implementing the Cross-Border Guidance;
  • The implementation schedule contemplated under the July exemptive order;
  • The CFTC’s substituted compliance process and use of staff no-action letters to moderate the cross-border impact of its rules;
  • The Path Forward and the EC’s approach to resolving cross-border issues under the European Markets Infrastructure Regulation (“EMIR”)

For additional information, please contact GFMI@mayerbrown.com.

Mayer Brown’s Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm’s global resources from multiple practices and offices, the initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.