SIFMA, IIB, ISDA, and FIA recommended changes to CFTC-proposed cross-border regulations concerning registration thresholds and certain requirements applicable to swap dealers and major swap participants.
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SIFMA recommended a new approach to strengthen cross-border cooperation among regulators to "enhance the coherence of their respective regulations" and "enshrine[] cooperation within legally binding trade agreements."
Several trade associations submitted comment letters responding to the FDIC's proposed rulemaking to restrict the contractual provisions of qualified financial contracts entered into by certain FDIC-supervised institutions.
SIFMA and the Institute of International Bankers ("IIB") asserted that the CFTC's proposal for the cross-border application of its margin requirements for uncleared swaps (the "proposal") would "undermine" the Basel Committee on Banking Supervision / IOSCO Framework for margin requirements. In a comment letter, SIFMA and the IIB criticized the CFTC's approach to "substituted compliance," and argued that the limited availability of substituted compliance in the proposal (i) is not necessary to mitigate risk to the United States and (ii) "would result in overlapping rules that deter cross-border
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