Commodity Futures Trading Commission Chairman Chris Giancarlo signaled today that the CFTC will soon advance a new cross-border derivatives proposal once the government shutdown ends. The proposal will “address a range of cross-border issues in swaps reform” and is intended to replace the CFTC’s 2013 cross-border guidance and the proposed 2016 cross-border rules. It will also address positions taken in previous staff advisories and no action letters, Giancarlo added.
“The CFTC must adopt a new cross-border framework that is risk-based and offers deference to comparable non-U.S. regulations,” Giancarlo said. “It is my sincere hope that my fellow Commissioners and regulators of the world’s swaps markets will support us on this path. I know it is the right direction forward.
Giancarlo added that he would seek to extend to March 15 the deadline for comments on the CFTC’s proposed swap execution facilities rules. Comments are currently due on Feb. 13
