SIFMA, the Futures Industry Association (“FIA”), and the Financial Services Roundtable (“FSR”) have submitted comments to the CFTC on the Exemptive Order and the Interpretive Guidance and Policy Statement regarding the regulation of swaps having some cross-border element.
The comments address (i) the lack of an appropriate time period to comply, including certain requirements being effective immediately, making it impossible to comply, (ii) the complexity of the guidance and (iii) the lack of clarity in the guidance.
Lofchie Comment: The numerous problems pointed out by the comment letter demonstrate that the CFTC would have been better off going through the public comment process “mandated” by the Administrative Procedures Act rather than avoiding the APA on the questionable basis that the guidance does not constitute rulemaking.
See: SIFMA Press Release; SIFMA, FIA, and FSR Comments to CFTC.
See also: CFTC Approves Cross-Border Guidance and Exemptive Order (July 15, 2013).