CFTC Votes on Final Cross-Border Swap Rule
July 28th | 2020
The CFTC recently approved a final rule on the cross-border application of certain swap provisions under the Commodity Exchange Act (CEA). The final rule will incorporate a number of changes to the proposed rule from last year. This passed by 3-2 vote and completes another Dodd-Frank rulemaking requirement. Cross borders swaps are a sensitive topic because of the balance that must be struck between protection of the United States’ national interests and appropriate deference to the laws of foreign jurisdictions. Indeed, the statements of the Chairman and the commissioners – Chairman Heath P. Tarbert, Commissioner Dawn D. Stump, Commissioner Brian Quintenz, Commissioner Dan M. Berkovitz, and Commissioner Rostin Behnam – are good reads because they convey the complexity and hard choices involved without going too deep into the minutiae.