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 Joshua Cohn, Curtis A. Doty, Jerome J. Roche or David R. Sahr.