On July 23, 2020, the Commodity Futures Trading Commission (the
"CFTC"), in a 3 to 2 vote, finalized
rules (the "Final Rules") that
superseded certain aspects of the CFTC's previous policy with
respect to the cross-border application of swaps regulations under
Commodity Exchange Act ("CEA") Section
2(i), as set forth in the guidance published by the CFTC in July
2013 (the "2013
Guidance").1
More specifically, the Final Rules, largely consistent with the
preceding notice of proposed rulemaking ("Proposed
Rules"),2 classify swap market
participants (e.g., U.S. person, guaranteed entity,
significant risk subsidiary, foreign branch, U.S. branch), address
which cross-border or extraterritorial swaps or swap positions a
person would need to consider when determining whether it needs to
register with the CFTC as a swap dealer
("SD") or major swap participant
("MSP" and, together with SDs,
