Meeting Date:
Wednesday, September 28, 2011
CFTC Staff:
Gary Gensler
Gary Barnett
Dan Berkovitz
Dhaval Patel
Jeff Burns
Carl Kennedy
David Aron
Tim Karpoff
Sarah Josephson
Organization(s):
Morgan Stanley
External Attendees:
Soo-Mi Lee
William McCoy
Anthony Cicia
Michael Stein
Additional Information:
Representatives from Morgan Stanley discussed the extraterritorial application of the Dodd-Frank Act (Act) requirements for swap dealers. Specifically, the representatives asked the Commission to: (1) issue guidance on the extraterritorial reach of the Act in order to provide clarity to market participants; (2) when appropriate, defer to comparable foreign regulatory regimes; (3) harmonize the Commission’s swap rules with the security-based swap rules of the Securities and Exchange Commission; (4) through a rulemaking or interpretative guidance, address the application of transaction-level requirements on inter-affiliate transactions; and (5) implement the swap rules in a manner that does not create opportunities for regulatory arbitrage.
