CFTC’s Proposed Rules for the Cross Border Application of Non-Cleared Swaps Margin Rules

On June 29, 2015, the Commodity Futures Trading Commission (“CFTC”) proposed rules addressing the cross-border application of the CFTC’s proposed margin rules for swaps not cleared by a registered or exempt derivatives clearing organization. Comments on the Proposal are due on or before September 14, 2015.

In our memo, we provide a summary and analysis of the CFTC’s proposed rules, highlighting key differences with the Prudential Regulators’ proposed margin rules and the CFTC’s July 2013 final cross-border guidance.