CFTC Chairman Giancarlo Releases White Paper on Cross-Border Application of Swaps Regulations

CFTC Chairman Giancarlo Releases White Paper on Cross-Border Application of Swaps Regulations


By: William J. Breslin, Darren A. Littlejohn, Robert M. McLaughlin, David S. Mitchell, Scott I. Golden

On October 1, 2018, as previewed in recent public remarks, Commodity Futures Trading Commission (“CFTC” or “Commission”) Chairman J. Christopher Giancarlo released a white paper revisiting the CFTC's current approach to the cross-border application of its swaps regulations. In the White Paper, Chairman Giancarlo identifies a number of adverse consequences of the current approach and proposes a revamped framework. Significantly, based upon the principles set forth in the White Paper, he intends to direct the CFTC staff to develop and propose new rules addressing a range of issues related to reform of the CFTC's cross-border swaps regime. The resulting rulemakings would replace the cross-border guidance issued by the CFTC in 2013 and the cross-border rules proposed in 2016, as well as address certain positions taken in CFTC staff advisories and no-action letters in the last several years.

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