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U.S. Corporate Law News: CFTC Announces Comparability Determination On European Union Margin Requirements
01 November 2017
Withers LLP
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The Commissioners of the Commodity Futures Trading Commission
(CFTC) unanimously approved (and made effective immediately) a
comparability determination that found that margin requirements for
uncleared swaps under European Union (EU) laws and regulations are
comparable in outcome to those under the Commodity Exchange Act and
CFTC regulations. Based on this determination, a swap dealer or
major swap participant who complies with EU margin rules for an
uncleared swap would be deemed to be in compliance with the
CFTC's margin rules. The CFTC's announcement makes clear
that such a swap dealer or major swap participant who has relied on
substituted compliance where permitted under the CFTC's margin
rules still remains subject to the CFTC's examination and
enforcement authority. Similarly, the European Commission announced
an equivalence decision that concluded that the CFTC's
uncleared swap margin rules are comparable in outcome to the
EU's corresponding margin requirements. For more information,
see http://www.cftc.gov/PressRoom/PressReleases/pr7629-17.
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