National Unrecovered Financial Services Association, joined by several trade association partners, submitted a comment letter to the CFTC regarding its Exemptive Order on compliance with certain cross-border swaps provisions. The letter provides detailed commentary on the Commission’s specific proposals in the Further Proposed Guidance and reiterates the previous comments made in the industry comment letters filed in August, particularly regarding the definition of “U.S. Person.” The letter also notes that the trade associations do not support the proposed clarifications to two prongs of the proposed “U.S. Person” definition and the proposed alternative interpretation of the aggregation requirement, which requires aggregation of swap transactions of non-U.S. persons with U.S. affiliates.

Related Documents:
Final Exemptive Order