Comment Text:
Meeting with Bank of France
Wednesday, March 23, 2011
Memo from
Banerjee, Anuradha
CFTC Staff :
G. Gensler and J. Mesa
External Attendees :
Christian Noyer (Governor of the Bank of France)
Additional Information :
the parties discussed the definition of swap dealer and major swap participant under the Dodd-Frank Act and whether the CFTC would rely on foreign regulators concerning the regulation and supervision of swap dealers and major swap participants. Concern was also expressed that CFTC might register foreign central banks as swap dealers, particularly for clearing purposes. Chairman explained that only exemption was for US central bank, not foreign central banks from the clearing requirement. Same concern was expressed for Bank of International Settlements (BIS) regarding the clearing requirement.
