Time to end clash over Dodd-Frank extraterritoriality
A recent Dodd-Frank rule-making proposal from five US prudential regulators has caused a bit of a stir. People have been worried for some time about the territorial scope of the Dodd-Frank Act, and whether global banks might find themselves subject to multiple sets of rules or whether US banks might be put at a competitive disadvantage in overseas markets. The April 12 proposal on margin requirements for non-cleared swaps confirmed their worst fears.
The proposal essentially captures non-US
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