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March 24, 2014

Better Markets Amicus Brief Supports CFTC’s Cross-Border Guidance

“Better Markets, Inc. (“Better Markets”), a nonprofit organization that promotes the “public interest” by “argu[ing] extensively for the adoption of appropriately strong rules governing the derivatives markets” and for “broad application of those rules to international or ‘cross-border’ transactions,” submitted an amicus brief in support of the CFTC’s position in the lawsuit filed by ISDA, SIFMA and the Institute of International Bankers (“IIB”) (together, the “Associations”) challenging the legality of the CFTC’s Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations (“Cross-Border Guidance”).

“In its amicus brief, Better Markets states that the Associations challenging the Cross-Border Guidance do not acknowledge the financial crisis in 2008, which necessitated the passage of financial reform law such as Dodd-Frank Title VII (“Title VII Rules”), nor do the Associations “acknowledge the role of their own members in causing the crisis.” According to Better Markets, if the Associations’ “assault” on the Cross-Border Guidance and the international application of the Title VII Rules is successful, the result will be “a perpetuation of the deregulatory environment that incubated the financial crisis of 2008.”

“Additionally, Better Markets states that, while the Associations alleged that cross-border application of the rules will impose heavy compliance costs and cause damaging disruptions, “they offer little concrete support for such predictions.” Better Markets argues that past claims of such predictions about the impact of regulation have proved to be groundless.”

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Read full Center for Financial Stability article here.

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