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

Client memorandum | October 4, 2018

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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