Foreign Banks Urge CFTC To Delay Swaps Rules

Law360, New York (August 10, 2012, 1:27 PM EDT) -- Foreign banks including Societe Generale SA urged the U.S. Commodity Futures Trading Commission to delay the October deadline for non-U.S. banks to register as swap dealers because the regulator won't have yet issued guidance for its new swaps rules.

If SG and other foreign banks are required to register as swap dealers before the CFTC finalizes its guidance, they will have to blindly comply with the new, tougher swaps rules mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the French banking giant said...
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