US Trade Bodies Request Cross-Border Swaps Relief

The American Bankers Association, ABA Securities Association, Futures Industry Association, Institute of International Bankers, International Swaps and Derivatives Association and the Securities Industry and Financial Markets Association all signed the letter. Due to expire on June 12, 2013, the letter requests that the relief be extended in order to accommodate recent guidance from the Securities and Exchange Commission (SEC) on cross-border swap activities, and to take recent European Commission concerns around the application of the rules into account. Finally, the bodies say, forging ahead too quickly could jeopardize global reform efforts.

"We believe that it is of critical importance, and necessary to ensure compliance with the Dodd-Frank Act, for the Commission and the SEC to harmonize their views of the cross-border application of their respective swap and security-based swap regulatory regimes," the bodies said in their letter, the full text of which can be found here.