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ARTICLE · 18 DECEMBER 2025

CFTC Harmonizes US Person And Guarantee Definitions In Swap Requirements

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On December 9, 2025, the staff of the Commodity Futures Trading Commission issued no-action relief to harmonize how the regulatory requirements for swaps are applied to trades involving certain non-US persons ("NAL 25-42").

United StatesFinance and Banking
Matthew Bisanz
Matthew Bisanz
Adam Kanter
Adam Kanter
Anna T. Pinedo
Anna T. Pinedo
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On December 9, 2025, the staff of the Commodity Futures Trading Commission ("CFTC") issued no-action relief to harmonize how the regulatory requirements for swaps are applied to trades involving certain non-US persons ("NAL 25-42"). This relief has been long sought by the market, and should reduce some of the compliance burden associated with establishing and maintaining swap trading relationships.

NAL 25-42 is effective immediately and has no expiration date. In this Legal Update, we provide background on the US person issue and discuss how NAL 25-42 addresses it.

Background

As part of the implementation of the Dodd-Frank Act, the CFTC was required to implement a comprehensive regulatory framework for swaps, including requirements for dealer and major participant registration, central clearing, exchange trading of standardized contracts, trade reporting, and capital and margin for uncleared trades.1 Further, Section 722(d) of the Dodd-Frank Act provides that

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