International Financial Law Review
US Swaps Compliance for Multinationals – The Maze of Rules and Exemptions Faced by International Corporate Groups Under the CFTC Swaps Framework
Most commentary surrounding Title VII of the Dodd-Frank Act focuses on the new regulatory regime it created for swap market intermediaries, including swap dealers (SDs) and major swap participants (MSPs). However, it should not be forgotten that Dodd-Frank imposes a range of requirements affecting all swaps market participants. These requirements extend across US borders and affect many global commercial businesses that use swaps to manage their risks. Known as commercial end-users, the legal, compliance and treasury functions at these corporates face a myriad of new concerns in light of the swaps provisions of the Dodd-Frank Act, and their implementation via regulations issued by the Commodity Futures Trading Commission (CFTC).