A new Commodity Futures Trading Commission (CFTC) rule, which took effect November 13, 2020, will determine the cross-border application of certain of the CFTC’s swaps regulations for swap dealers and major swap participants, including applicable registration thresholds. The rule extends the cross-border approach of the CFTC’s 2016 cross-border rule relating to the application of margin requirements for uncleared swaps, and it harmonizes, to a significant degree, the CFTC’s cross-border approach to swap dealer regulation with the Securities and Exchange Commission’s cross-border approach to security-based swap dealer regulation. The rule will supersede the CFTC’s 2013 cross-border interpretive guidance with respect to the requirements that the rule addresses. In other respects, the 2013 interpretive guidance will remain relevant.
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