Swaps Regulation - Cross-Border Application - Comment Letter - Deutsche Bank - August 27, 2012

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Dodd-Frank Timeline, Cross-Border Application of Swaps Provisions, CFTC
Proposal Date Comment Deadline Compliance Extension Guidance Effective Date
July 12, 2012 August 27, 2012 July 12, 2013 July 26, 2013

Cross-Border Proposed Interpretive Guidance
August 27, 2012

From the comment letter:

"...the Proposed Definition introduces a number of novel and practically challenging components—including the concept of “indirect” ownership for both corporations and commodity pools and the linking of a commodity pool’s U.S. person status to the operator of the pool rather than the pool’s investors—that are both difficult from a compliance standpoint and exceed the restriction on the Commission’s cross-border jurisdiction in Section 2(i) of the Commodity Exchange Act (“CEA”), which limits application of the Title VII swap regulations outside the United States to those activities that have a direct and significant connection with activities in, or effect commerce of, the United States or contravene anti-evasion rules promulgated by the CFTC."

Consequently, we support the definition proposed by the Securities Industry and Financial Markets Association (“SIFMA”) in their comment letter to the Commission on the Proposed Interpretive Guidance.

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