CFTC and EU Reach Accord on Derivatives Regulation; CFTC Issues Cross-border Guidance and Relief | Practical Law
The CFTC and the European Commission (EC) have agreed to harmonize cross-border derivatives reform, and the CFTC granted temporary relief to non-US firms from compliance with Dodd-Frank rules for swap dealers and major swap participants that were to begin to apply to non-US entities on July 12, 2013. The CFTC also issued guidance on when it will subject non-US entities to its Dodd-Frank swaps rules under its "substituted compliance" rules.