CFTC Proposes New Rules Relating to Margin Requirements for Cross-Border Non-Cleared Swaps

On July 14, 2015, the Commodity Futures Trading Commission (CFTC) published new rules with respect to the cross-border application of the CFTC’s margin requirements (the Proposed Rule) under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act). By way of background, in September 2014, the CFTC proposed new rules (the 2014 Proposed Uncleared Swap Margin Rules) concerning margin requirements for uncleared swaps entered into by CFTC-registered swap dealers (SDs) and major swap participants (MSPs) for which there is no prudential regulator (each such entity referred to as a Covered Swap Entity or CSE). Covered Swap Entities include, among others, nonbank subsidiaries of bank holding companies, as well as certain foreign SDs and MSPs.

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