Gensler: CFTC should rule on substituted compliance by Dec. 21

09/19/2013 | Risk.net (subscription required)

Gary Gensler, chairman of the Commodity Futures Trading Commission, said at an ISDA conference in London that he is confident that his agency will decide by Dec. 21 which entity-level rules in the six largest overseas jurisdictions can be substituted for U.S. standards. He said, however, that transaction-level regulation will take longer, meaning non-U.S. swaps dealers and participants, as well as foreign branches of U.S. banks, might have to follow Dodd-Frank Act standards for a time.

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