New Rule: CFTC Proposed Guidance on Cross-Border Swaps
by Nick Paraskeva on June 19, 2012
The following is one of this week’s new rules, courtesy of Nick Paraskeva at Reg Room. Click here for daily updates on new rules from Reg Room.
CFTC Proposed Guidance on Cross-Border Swaps
On Jun. 14, CFTC chairman Gensler outlined guidance on cross-border application of swaps rules and phased in compliance.
•CFTC also scheduled a meeting on Jun. 21 to propose issuance of the cross-border guidance.
•If a foreign firm transacts more than de minimis US swap dealing, it must register with CFTC.
•Foreign firms’ swaps with US persons or their overseas branches to count toward de minimis.
Based in New York City, Reg-Room, LLC, provides regulatory information services, monitoring and consultancy to the financial services industry in the US and internationally.Nick Paraskeva is the principal and founder of Reg-Room. Nick has twenty five years experience in Compliance and Regulation, including eleven years at Citigroup, where he was senior Vice president of Global Regulatory Risk in New York. Nick can be reached at Nick.Paraskeva@reg-room.com.
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