Commodity Futures Trading Commission July 26, 2013 – Federal Register Recent Federal Regulation Documents

On July 12, 2012, the Commodity Futures Trading Commission (``Commission'' or ``CFTC'') published for public comment its proposed interpretive guidance and policy statement (``Proposed Guidance'') regarding the cross-border application of the swaps provisions of the Commodity Exchange Act (``CEA''), as added by Title VII of the Dodd- Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act'' or ``Dodd-Frank''). On December 21, 2012, the Commission also proposed further guidance on certain aspects of the Proposed Guidance (``Further Proposed Guidance''). The Commission has determined to finalize the Proposed Guidance with certain modifications and clarifications to address public comments. The Commission's Interpretive Guidance and Policy Statement (``Guidance'') addresses the scope of the term ``U.S. person,'' the general framework for swap dealer and major swap participant registration determinations (including the aggregation requirement applicable to the de minimis calculation with respect to swap dealers), the treatment of swaps involving certain foreign branches of U.S. banks, the treatment of swaps involving a non-U.S. counterparty guaranteed by a U.S. person or ``affiliate conduit,'' and the categorization of the Dodd-Frank swaps provisions as ``Entity-Level Requirements'' or ``Transaction-Level Requirements.''