CFTC Skips 'Intergalactic' Power in Dodd-Frank Guidance
By Silla Brush - Bloomberg
JPMorgan Chase & Co. (JPM), Goldman Sachs Group Inc. (GS) and other banks won greater ability to fall under foreign regulations when they trade swaps overseas under guidance proposed for the Dodd-Frank Act’s international reach.
Commodity Futures Trading Commission members, in a private vote, unanimously approved proposing interpretive guidance allowing for so-called substituted compliance for branches, subsidiaries and other overseas affiliates of U.S. banks when foreign jurisdictions have comparable rules. Banks have spent two years lobbying against efforts to automatically apply Dodd- Frank to their overseas operations, saying doing so would hurt their ability to compete.
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