FisherBroyles Partner Julian Hammar Authors Article on the CFTC’s Cross-Border RulesJan 19, 2021
- FisherBroyles News
FisherBroyles Partner Julian Hammar recently authored an article entitled “CFTC Adopts Cross-Border Rules to Replace the Cross-Border Guidance,” published in the December 2020 issue of Futures and Derivatives Law Report. The article examines the CFTC’s final cross-border rules for swaps adopted last year, which replace the CFTC’s Cross-Border Guidance issued in 2013. While the final rules rely heavily on the Cross-Border Guidance, they make important changes, including with respect to:
- Key definitions, including those of U.S. person, guarantee and a new definition of significant risk subsidiary to replace “conduit affiliate;”
- The treatment of transactions that are “arranged, traded and executed” in the United States by non-U.S. persons; and
- The approach to substituted compliance.
All of these changes are discussed in detail in the article. In addition, the final rules eliminate the Transaction-Level and Entity-Level categories and subcategories from the Cross-Border Guidance, and instead recategorize the regulatory requirements into three groups—Groups A, B, and C, which the article likewise addresses. The final rules became effective on November 13, 2020.
A complimentary copy of Julian’s article is available HERE
About FisherBroyles, LLP
Founded in 2002, FisherBroyles, LLP is the first and world’s largest distributed law firm partnership. The Next Generation Law Firm® has grown to hundreds of partners in 23 offices globally. The FisherBroyles’ efficient and cost-effective Law Firm 2.0® model leverages talent and technology instead of unnecessary overhead that does not add value to our clients, all without sacrificing BigLaw quality. Visit our website at www.fisherbroyles.com to learn more about our firm’s unique approach and how we can best meet your legal needs.
These materials have been prepared for informational purposes only, are not legal advice, and under rules applicable to the professional conduct of attorneys in various jurisdictions may be considered advertising materials. This information is not intended to create an attorney-client or similar relationship. Whether you need legal services and which lawyer you select are important decisions that should not be based on these materials alone.
© 2021 FisherBroyles LLP