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6/7/13 - FBOs Win Half the Battle on Swaps

The Federal Reserve on June 5 relieved foreign banking organizations from provisions of the Dodd-Frank Act that could have required them to push all derivatives transactions out of their U.S. branches and agencies by July 16. The Federal Reserve's interim final rule addressed one of the two short-term compliance burdens faced by FBOs registered with the Commodity Futures Trading Commission as swap dealers under Title VII of Dodd-Frank. The looming question now is how they will comply with the extraterritorial application of Title VII upon the July 12 expiration of a CFTC exemptive order.

Please click below to read a Sightlines Alert that briefly describes the interim rule and some of the unanswered questions that still face FBO swap dealers.

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