Key takeaways

• The CFTC has issued Proposed Rules and interpretations addressing the cross-border application of the registration thresholds and external business conduct standards for swap dealers and major swap participants.
• The Proposed Rules modify the approach in the CFTC’s 2013 cross-border guidance by adopting various aspects of the CFTC’s cross-border margin rules for non-cleared swaps for the purpose of the cross-border application of the registration thresholds and external business conduct standards.
• The Proposed Rules also address the application of the SD and MSP registration thresholds and external business conduct standards to swap transactions that are arranged, negotiated or executed using U.S. personnel.