The US Commodity Futures Trading Commission has released its proposed interpretive guidance and policy statement (the “Proposed Guidance”) regarding the cross-border application of the swaps provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Proposed Guidance addresses both (i) when non-US persons must register as a swap dealer or major swap participant (“MSP”), and (ii) the extent to which a non-US person will be subject to the substantive regulatory requirements applicable to registered swap dealers and MSPs. Comments on the Proposed Guidance are due 45 days after publication in the Federal Register. This Legal Update identifies and summarizes key aspects of the Proposed Guidance.
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