On October 11, 2016, the Commodity Futures Trading Commission (“CFTC”) issued for public comment proposed rules and interpretations (the “Proposal”) that would re-interpret and codify certain key terms relevant to the cross-border application of its swap regulations and change the existing Guidance approach to cross-border application of (A) the thresholds for swap dealer (“SD”) and major swap participant registration and (B) the external business conduct rules applicable to these regulated entities.

Separately, on October 13, 2016, the CFTC issued an order to extend the SD registration de minimis threshold phase-in termination date until December 31, 2018, at which time the de minimis threshold for most swaps will be reduced from $8 to $3 billion unless the CFTC determines otherwise.

This Legal Update discusses the Proposal, the phase-in period extension and their implications for market participants.

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