Court Denies CFTC’s Motion to File Supplemental Authority in Cross-Border Guidance Case

After the CFTC’s continuing back-and-forth with SIFMA, ISDA and the Institute of International Bankers (the “Associations”), the United States District Court for the District of Columbia denied the CFTC’s motion to file a supplemental declaration and two exhibits in the Cross-Border Guidance Case.

The filing consisted of the supplemental declaration of CFTC Assistant General Counsel Martin B. White, as well as two additional documents: (i) SIFMA’s “Note Regarding Non-U.S. Affiliate Participation in Swaps Market” and (ii) a copy of an article published by POLITICO Pro, titled “Banks Outline Pushback on Swap Guarantee Worries,” which the CFTC believed would serve to weaken the Associations’ argument that the CFTC had improperly adopted a rule regulating cross-border activities without compliance with the appropriate administrative procedures.