CFTC Adopts Final Cross-Border Margin Rule (Fed. Reg.)

The CFTC adopted final rules (the "Cross-Border Margin Rules")¹ regarding the application of the CFTC margin requirements for uncleared swaps in the context of cross-border transactions (the "Final Rules"). The Final Rules were published in the Federal Register. The CFTC's adoption of margin requirements for uncleared swaps ("Final Margin Rules"), were published in January 2016. See 81 FR 636 (Jan. 6, 2016). A Cadwalader memorandum summarizing the Margin Rules is available here. The CFTC margin requirements for uncleared swaps would apply only to those swap dealers that do not have "prudential regulators," as that term is defined in Commodity Exchange Act § 1a(39) (i.e., the CFTC generally has jurisdiction in this regard over non-bank swap dealers).