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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

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