ABASA: No Extraterritorial Application of Swaps Rules

The ABA Securities Association (ABASA) today submitted a statement for the record to the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises. The Subcommittee held a hearing to review the issue this afternoon. ABASA commented:

Banks operating globally are uncertain about which U.S. regulatory requirements may or may not apply to some of their derivatives activities and whether the jurisdictional scope may differ depending on whether the country is headquartered in the United States or in another country.

Read the statement.
Read more about the hearing.