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Commentary by Bob Zwirb

District Judge Paul Friedman of the D.C. District Court (the "Court") issued a long-awaited opinion in the ongoing lawsuit filed by SIFMA, ISDA and the Institute of International Bankers (the "Associations") against the CFTC's Cross-Border Guidance. The Associations filed the lawsuit on December 4, 2013, seeking to vacate the CFTC Cross-Border Guidance on procedural and substantive grounds. The lawsuit alleged that the CFTC unlawfully circumvented the requirements of the Administrative Procedure Act and the CEA by portraying its regulations as "guidance." Judge Friedman said that the CFTC was

Commentary by Bob Zwirb

District Judge Paul Friedman of the D.C. District Court issued a long-awaited opinion in the ongoing lawsuit filed by SIFMA, ISDA, and the Institute of International Bankers (the "Associations") against the CFTC Cross-Border Guidance. The Associations filed the lawsuit on December 4, 2013, seeking to vacate the CFTC Cross-Border Guidance on procedural and substantive grounds. The lawsuit alleged that the CFTC unlawfully circumvented the requirements of the Administrative Procedure Act and the CEA by portraying its regulations as "guidance." Judge Friedman said the CFTC was well within its