CFTC's Global Swaps Rules Rankle Industry Insiders

Law360, New York (July 2, 2012, 5:09 PM EDT) -- The U.S. Commodity Futures Trading Commission on Friday proposed guidance outlining the international reach of its new derivatives regulation, but the agency did not first coordinate with fellow U.S. or foreign regulators, leaving industry insiders concerned they'll have to comply with competing sets of rules.

In a unanimous behind-closed-doors vote, the CFTC passed a proposal clarifying how Dodd-Frank Act swaps rules apply overseas. The rules will govern derivatives activity that has "a direct and significant connection with activities in, or effect on, commerce of the United...
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