The Commodity Futures Trading Commission issued a proposed rule on Oct. 11 addressing the application of certain swap-related rules to cross-border transactions. All three commissioners voted in favor of issuing the proposal, which is intended to clarify a number of issues raised in previous interpretative guidance.
The proposed rule defines key terms for cross-border transactions and addresses the cross-border application of registration thresholds and external business conduct standards for swap dealers and major swap participants.
The proposal also addresses whether and to what extent these thresholds and standards would apply to swap transactions that are "arranged, negotiated, or executed" using personnel located in the U.S. Comments on the proposal must be submitted by Dec. 19.
