Comparing Cross-Border Swaps Regulation Version 2.0 with the Status Quo

October 22, 2018

On October 1, 2018, Chairman J. Christopher Giancarlo of the Commodity Futures Trading Commission released a white paper entitled “Cross-Border Swaps Regulation Version 2.0: A Risk-Based Approach with Deference to Comparable Non-U.S. Regulation.”

Please click here to read the full alert memorandum regarding the White Paper. 

As a supplement to the alert memorandum, the below chart compares the White Paper’s recommendations with the status quo contained in the cross-border guidance published by the CFTC in July 2013 and subsequent CFTC rulemakings, staff advisories, and staff no-action letters.  The chart covers the same five areas addressed in the White Paper: (1) registration of non-U.S. central counterparties; (2) registration of non-U.S. trading venues; (3) registration of non-U.S. swap dealers; (4) cross-border application of mandatory clearing and trade execution requirements; and (5) regulation of swap transactions between non-U.S. counterparties that are arranged, negotiated, or executed by U.S.-located personnel or agents.

Please click here to read the chart.