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ARTICLE · 28 JULY 2020

CFTC Adopts New Cross-Border Swaps Rules

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The vote was 3-2, with Commissioners Rostin Behnam and Dan Berkovitz dissenting.

United StatesFinance and Banking
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The CFTC voted to adopt new rules to address the cross-border application of a number of swaps requirements; the CFTC took related actions to withdraw prior "ANE" guidance (issuing a related new no-action letter) and amended a previous order exempting certain SEFs from registration.

The vote was 3-2, with Commissioners Rostin Behnam and Dan Berkovitz dissenting. As previously covered, in December 2019 the CFTC voted to propose new cross-border rules addressing the registration thresholds and other requirements concerning swap dealers ("SDs") and major swap participants ("MSPs"). The final rule supersedes the 2013 guidance the CFTC published regarding the cross-border application of its SD regulations.

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