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).