House Votes To Limit CFTC Cross-Border Swaps Oversight

Law360, New York (June 12, 2013, 7:50 PM ET) -- The U.S. House of Representatives passed a bill Wednesday aimed at limiting the U.S. Commodities Futures and Trading Commission’s ability to regulate cross-border swaps transactions under the Dodd-Frank Act.

The Swap Jurisdiction Certainty Act, H.R. 1256, passed the House 301-124 and now moves to the Senate. The bill would would permit foreign units of U.S. firms to comply with local, rather than U.S., requirements on capital, as long as the local jurisdiction has regulations sufficiently similar to those of the U.S.

The bill also would require...
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