CFTC Approves Exemptive Order on Cross-Border Application of the Swaps Provisions of Dodd-Frank (Fed. Reg. Version)

The CFTC’s exemptive order providing time-limited relief from certain cross-border applications of the swap provisions of Title VII of the Dodd-Frank Act and CFTC regulations has been published in the Federal Register. Under the exemptive order, a non-U.S. person that registers with the Commission as a swap dealer (“SD”) or major swap participant (“MSP”) may delay compliance with certain entity-level requirements adopted under the Dodd-Frank Act, and non-U.S. SDs and MSPs and foreign branches of U.S. SDs and MSPs may delay compliance with certain transaction-level requirements adopted under the Dodd-Frank Act (subject to specified conditions). The order also includes a definition of the term “U.S. person,” which will apply for purposes of the order.

The Final Order became effective on December 21, 2012 and expires on July 12, 2013.

Expiry Date: July 12, 2013.

Click here to view our original story on the Final Order, including a full analysis and commentary.

View Final Order in full here (Cabinet link).See also: Further Proposed Guidance Regarding Compliance with Certain Swap Regulations.