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On June 14, 2012, CFTC Chairman Gary Gensler commented on the cross-border application of Dodd-Frank swap market reforms at the Institute of International Bankers’ membership luncheon. In the first half of his speech, Gensler made two forward looking statements: The CFTC is considering an international proposal to align margin requirements for uncleared swaps as well as reopening the comment period on their original margin proposal. Real-time reporting to the public and to regulators will begin starting as early as September of this year. In the second half of his speech, Chairman Gensler

The Institute of International Bankers (the “IIB”) has submitted comments to the Commodities Future Trading Commission (the “CFTC”) in response to the CFTC’s proposed Exemptive Order concerning compliance with certain swap regulations. The Order, issued July 12, proposed granting temporary relief to non-U.S. swap dealers and non-U.S. MSPs from certain entity-level and transaction-level requirements, and also proposed granting temporary transaction-level relief to the foreign branches of U.S. swap dealers and MSPs. In submitting their comments on the Order, the IIB expressed several underlying

The Institute of International Bankers ("IIB") has published a comment letter in which it offers suggestions across three key topics: (i) the aggregation rule, (ii) the “U.S. person” definition, and (iii) matters relating to the transition from the Final Order. In the letter, the IIB states that it supports the CFTC's adoption of a modified version of the Final Exemptive Order Regarding Compliance with Certain Swap Regulations (78 FR 858), which it believes addresses two key elements of the Title VII regulatory regime: the aggregation of affiliates' swaps for purposes of the de minimis

ISDA, SIFMA, and the Institute of International Bankers ("IIB") (the "Associations") filed a joint legal challenge to the CFTC Interpretive Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations ("Cross-Border Rule") and related cross-border rules. The lawsuit alleges that the CFTC unlawfully circumvented the requirements of the Administrative Procedures Act and the CEA by portraying its regulations as "guidance." By circumventing the rulemaking process, including failing to conduct a cost-benefit analysis required by law, that the CFTC has enacted rules which the

The IIB has submitted a comment letter to the CFTC regarding the July cross-border Exemptive Order and the Interpretive Guidance and Policy Statement. The letter seeks transitional relief beyond that contained in the order, identifying four key areas that transitional relief was not provided under the Exemptive Order, but for which the IIB sees relief as necessary: (i) the bona fide "foreign branch" test, (ii) guidance regarding U.S. branches of non-U.S. swap dealers and MSPs, (iii) large trader reporting, and (iv) the application of legal entity identifier recordkeeping requirements to