Thursday, May 28, 2015

European Commission Calls for Delay in Implementation of U.S. Derivatives Regulations

BRUSSELS—New derivatives dealer registration rules to comply with Dodd-Frank have left European banks with U.S. subsidiaries in a state of confusion and should be delayed, according to the European Commission.
The demand, outlined in a recent letter sent by Internal Market Commissioner Michel Barnier to the Treasury Department, the Commodity Futures Trading Commission and the Securities and Exchange Commission, insisted the swap dealer registration rules for EU firms lack legal clarity in relation to what they are required to do under new EU rules recently agreed to but yet to take effect. …
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