The Commodity Futures Trading Commission (CFTC) announced that Acting Chairman Caroline D. Pham has introduced new regulatory guidance intended to clarify the definition of "U.S. person" within the agency's cross-border swap framework. The Market Participants Division, Division of Clearing and Risk, and Division of Market Oversight have issued a no-action letter that aligns three different definitions under the CFTC’s Dodd-Frank Act rules.
According to the announcement, this move aims to simplify and consolidate previous no-action positions, addressing nearly 15 years of regulatory uncertainty for market participants. The changes are also designed to promote greater consistency with regulations set by the Securities and Exchange Commission.
"Acting Chairman Pham Announces Regulatory Clarity for U.S. Access to Markets," stated the CFTC in its release.
