On December 18, 2019, the CFTC proposed rules that would modify and codify the cross-border application of certain of its Title VII swap rules to both U.S. and non-U.S. registered swap dealers and major swap participants.  Among other changes, these proposed rules would revise (1) which cross-border swaps must be counted when determining thresholds for registration as a swap dealer or major swap participant, (2) the cross-border application of certain substantive requirements to swap dealers and major swap participants and (3) the CFTC’s framework for substituted compliance and comparability determinations.

Our visual memo discusses this proposal in greater detail, including how it compares to existing CFTC and SEC cross-border rules and guidance.

Law Clerk Russell Quarles contributed to this post.

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