International Business Obligations

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Linklaters Insights: The evolution and current state of play for the definition of 'US person' for purposes of Title VII of the Dodd-Frank Act

30 January 2013

As the Commodity Futures Trading Commission, the Securities and Exchange Commission, and other regulators have worked to implement Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, uncertainty has arisen with respect to the extraterritorial scope of Title VII and its application to cross-border derivatives transactions and international market participants.

Until this uncertainty is resolved with final rules and/or interpretive guidance from the CFTC and the SEC, it will continue to permeate the OTC derivatives markets. Given the global nature of these markets and market conditions generally, this lack of clarity is a source of frustration and delay for many market participants.

The full article is available on the Linklaters website.