“The legal war over Dodd-Frank has reached a new front: the FAQ.

After an industry push for clarity around the new rules governing derivatives markets, one of the biggest players — CME Group — is taking the Commodity Futures Trading Commission to court to say the extra guidance that the agency ultimately produced is contradictory and illegal.

For some, the case raises questions about the quality of the CFTC’s staff guidance. For others, there is concern about whether putting a target on things like informal FAQs will make regulators reticent to guide market participants beyond basic rulemaking texts.”

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Read Zachary Warmbrodt’s full Politico Pro article here (subscription required)