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Friday, March 30, 2012

Ag Committees Concerned with Proposed "Swap Dealer" Definition

The House Agriculture Chairman Frank Lucas and Senate Agriculture Chairwoman Debbie Stabenow wrote a letter to the CFTC Chairman Gary Gensler regarding the proposed definition of swap dealer.
We do remain concerned that the breadth of the proposed rule further defining "swap dealer" will result in the registration of many entities that Congress never intended to be regulated as dealers.

It is important for the Commission to finalize the swap dealer definition in a manner that is not overly broad, and that will not impose significant new regulations on entities Congress did not intend to be regulated as swap dealers.
The letter stresses the importance an any further definition of “swap-dealing” to clearly distinguish swap activities that end-users engage in to mitigate risks associated with their businesses.

Read the full letter.

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