By a three-to-two vote, the Commodity Futures Trading Commission yesterday approved a final rule on the cross-border application of registration thresholds and other requirements to swap dealers and major swap participants. The rule also establishes a formal process for requesting comparability determinations for these requirements.
Among other things, the final rule defines key terms, clarifies the treatment of swaps “arranged, negotiated or executed” in the U.S. by non-U.S. swap dealers, addresses proposed exceptions to such requirements and outlines recordkeeping requirements. The final rule takes effect 60 days after it is published in the Federal Register.
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