Groups urge that substituted compliance not be mechanical

08/25/2013 | Trade News (U.K.), The

The International Swaps and Derivatives Association and the Investment Company Institute are urging regulators to be less strict when it comes to allowing overseas rules for over-the-counter derivatives to substitute for U.S. standards. They argue that instead of following a by-the-letter approach, regulators should accept foreign rules that follow the spirit of U.S. regulations.

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