ISDA Looks to Assist with Dodd-Frank Cross-Border Compliance
On 19 August 2013 ISDA published its “Cross-Border Swaps Representation Letter”, designed to assist counterparties comply with regulations under Dodd-Frank which, in certain circumstances, assert CFTC jurisdiction over swap transactions that have a non-US element.
The letter asks recipients to represent whether they are a “US Person”. If not, they are asked to further represent whether they are an “affiliate conduit” or otherwise guaranteed by a US Person (and if so, by what kind of entity).
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