Groups submit comments on CFTC's treatment of transactions with non-U.S. swap dealers

FIA, SIFMA and the Financial Services Roundtable on March 10 submitted comments to the CFTC regarding the application of Dodd-Frank regulations on transactions involving non-U.S. swap dealers.

The groups in the letter stated that a personnel-based approach to swaps regulation misreads Section 2(i) of the Commodity Exchange Act as using personnel in the U.S does not import risk. Additionally, the groups stressed that the guidance is impractical to implement.