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FisherBroyles Partner Julian Hammar Authors Article on the CFTC’s Cross-Border Rules

Jan 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

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