SIFMA, ABA Air Worries Over CFTC Cross-Border Swaps Rule

Law360, Los Angeles (December 20, 2016, 7:24 PM EST) -- The Securities Industry and Financial Markets Association, the American Bankers Association and other swap market interest groups urged the U.S. Commodity Futures Trading Commission on Monday to hit the brakes on proposed definitions for U.S. and foreign entities under cross-border swap rules, underscoring potential harm to the U.S economy and potential regulatory overreach.

The proposed definitions for “U.S. person” and “foreign consolidated subsidiary,” which the commission voted unanimously to move forward in October, will determine who does and who does not fall under the commission’s swap regulations.

Monday’s letter from industry groups asked the CFTC to refrain from implanting the “FCS”...

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