CFTC Issues Final Cross-Border Swap Exemptive Order
Client memorandum

Created date


On December 21, 2012, the CFTC issued a final exemptive order relating to the application of certain swap-related provisions of the U.S. Commodity Exchange Act to swap activities outside the United States.  Among other provisions, the final Exemptive Order:

  • adopts a new temporary definition of “U.S. person”;
  • clarifies what swap activity a non-U.S. person should include in determining whether it must register as a swap dealer or major swap participant; and
  • allows non-U.S. SDs and MSPs to delay compliance with most of the CFTC’s entity-level swap requirements and the CFTC’s transaction-level swap requirements in certain cases.