ABA, its ABA Securities Association subsidiary, and several other trade groups yesterday urged Congress to work with regulators on cross-border derivatives rules. The groups wrote as the CFTC’s exemptive order on cross-border application of Title VII of the Dodd-Frank Act is set to expire on July 12.
The groups pointed out that the SEC is currently considering cross-border rules with a comment period extending into August. “We believe it is of critical importance that the CFTC and SEC harmonize their views on the cross-border application of swap rules, and that they also align the timing of comment periods and implementation to minimize market disruptions and promote consistent regulation,” the groups said.
The groups also emphasized the importance of aligning regulation internationally in order not to disadvantage U.S. businesses.
Read the letter.