Head of the CFTC to propose rule change so manufacturers and utility firms are exempt from swaps rules
The head of the US Commodity Futures Trading Commission (CFTC)
will propose a rule change to the Dodd Frank Act so
manufacturers and utility firms are exempt from tough new swaps
rules, writes Joe Parsons.
Despite issuing a letter of no-action which provided relief
to US public utilities from registering as a swaps dealer, the
move to propose a rule amendment comes after two US senators
last week demanded a change to the Act because the no-action
letter allowed the commission to change their minds and enforce
the rules anyway.
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