US swaps regulator is poised to give ground to foreign counterparts

12/12/2012 | Wall Street Journal, The

The US Dodd-Frank Act ramps up oversight of swaps deals to include any foreign financial institution doing substantial business with "US persons". However, the Commodity Futures Trading Commission, aiming to rally foreign regulators around US efforts to rein in trading, says it plans to temporarily define "US persons" to mean only US residents and companies incorporated in the US. Language announced during the summer was much broader.

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