CFTC Interpretive Guidance and Policy Statement Regarding Compliance With Certain Swap Regulations
SIFMA, together with the International Swaps and Derivatives Association, Inc. (ISDA), and the Institute of International Bankers (IIB) filed a legal challenge to the Commodity Futures Trading Commission’s (CFTC) Interpretive Guidance and Policy Statement Regarding Compliance With Certain Swap Regulations (Cross-Border Rule), and to the cross-border aspects of related rules. The Cross-Border Rule was published by the CFTC in July 2013.
The Associations have filed suit in federal court in the District of Columbia, stating that the CFTC:
- Unlawfully circumvented the requirements of the Administrative Procedure Act and the Commodity Exchange Act by characterizing its regulations as “guidance”;
- Failed to conduct any cost-benefit analysis, as required by law;
- Conducted a flawed rulemaking process; and
- Imposed a series of rules that are contrary to the spirit and the letter of international cooperation and may harm global markets.
On February 18, 2014, SIFMA, ISDA, and IIB filed a motion to Modify the Briefing Schedule and Page Limitations set forth in Court’s January 14, 2014 order.
On February 3, 2014, the U.S. Chamber of Commerce filed an Amicus Brief (Friend of the Court) in Support of Plaintiffs’ Motion for Summary Judgement.
On January 27, 2014, SIFMA, ISDA, and IIB filed a Statement Accompanying Declarations Regarding Standing.
On January 8, 2014, SIFMA, ISDA, and IIB filed a motion in opposition of a CFTC motion to hold in abeyance.
On December 27, 2013 SIFMA, ISDA, and IIB filed an amended complaint as well as a motion for summary judgment.
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