{"id":5556,"date":"2013-12-04T00:00:00","date_gmt":"2013-12-04T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2013\/12\/sifma_isda_and_iib_sue_cftc_ov"},"modified":"2022-05-05T11:54:05","modified_gmt":"2022-05-05T16:54:05","slug":"sifma-isda-and-iib-sue-cftc-ov","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sifma-isda-and-iib-sue-cftc-ov\/","title":{"rendered":"SIFMA, ISDA, and IIB Sue CFTC Over Alleged Unlawful Rulemaking Regarding Cross-Border Rules, Swap Regulations"},"content":{"rendered":"\n<p>The Securities Industry and Financial Markets Association, Institute of International Bankers, and Swaps and Derivatives Association, Inc. are suing the US Commodity Futures Trading Commission over rules that they believe are hurting its members\u2019 businesses, which includes among the biggest broker-dealers in the world. The plaintiffs contend that the agency engaged in unlawful rulemaking involving CFTC Interpretive Guidance and Policy Statements about Compliance With Certain Swap Regulations and other cross-border matters. They want the CTFC\u2019s reach in its overseas rules curtailed. <\/p>\n<p>ISDA, SIFMA, and IIB, whose members include swaps dealers such as Deutsche Bank AG (DB), Goldman Sachs Group Inc. (GS), <a href=\"https:\/\/www.investorlawyers.com\/jp-morgan-chase-background-information.html\">JPMorgan Chase &amp; Co. (JPM)<\/a> and many others, want to vacate a number of rules having to due with cross-border application completely. According to Bloomberg.com, at least half the largest banks work with overseas clients in their swaps business. The CFTC approved the overseas swaps guidelines this summer, and last month, two staff opinions came out shedding more light on the breadth of the guidelines. <\/p>\n<p>Now, the plaintiffs are contending that with these rules the CFTC illegally circumvented  the Administrative Procedure Act and Commodity Exchange Act by saying its regulations were \u201cguidance,\u201d did not set up cost-benefit analysis even though the law mandated it, performed a rulemaking process that was flawed, and set up rules that contradict international cooperation and could hurt global markets. <\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/sifma-isda-and-iib-sue-cftc-ov\/\"  title=\"Continue Reading SIFMA, ISDA, and IIB Sue CFTC Over Alleged Unlawful Rulemaking Regarding Cross-Border Rules, Swap Regulations\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Securities Industry and Financial Markets Association, Institute of International Bankers, and Swaps and Derivatives Association, Inc. are suing the US Commodity Futures Trading Commission over rules that they believe are hurting its members\u2019 businesses, which includes among the biggest broker-dealers in the world. The plaintiffs contend that the agency engaged in unlawful rulemaking involving [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3810,3972],"tags":[],"class_list":["post-5556","post","type-post","status-publish","format-standard","hentry","category-cftc","category-swap-transactions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SIFMA, ISDA, and IIB Sue CFTC Over Alleged Unlawful Rulemaking Regarding Cross-Border Rules, Swap Regulations &#8212; Investor Lawyers Blog &#8212; December 4, 2013<\/title>\n<meta name=\"description\" content=\"The Securities Industry and Financial Markets Association, Institute of International Bankers, and Swaps and Derivatives Association, Inc. are suing the &#8212; December 4, 2013\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/sifma-isda-and-iib-sue-cftc-ov\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"SIFMA, ISDA, and IIB Sue CFTC Over Alleged Unlawful Rulemaking Regarding Cross-Border Rules, Swap Regulations &#8212; Investor Lawyers Blog &#8212; December 4, 2013\" \/>\n<meta name=\"twitter:description\" content=\"The Securities Industry and Financial Markets Association, Institute of International Bankers, and Swaps and Derivatives Association, Inc. are suing the &#8212; December 4, 2013\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"SIFMA, ISDA, and IIB Sue CFTC Over Alleged Unlawful Rulemaking Regarding Cross-Border Rules, Swap Regulations &#8212; Investor Lawyers Blog &#8212; December 4, 2013","description":"The Securities Industry and Financial Markets Association, Institute of International Bankers, and Swaps and Derivatives Association, Inc. are suing the &#8212; December 4, 2013","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/sifma-isda-and-iib-sue-cftc-ov\/","twitter_card":"summary_large_image","twitter_title":"SIFMA, ISDA, and IIB Sue CFTC Over Alleged Unlawful Rulemaking Regarding Cross-Border Rules, Swap Regulations &#8212; Investor Lawyers Blog &#8212; December 4, 2013","twitter_description":"The Securities Industry and Financial Markets Association, Institute of International Bankers, and Swaps and Derivatives Association, Inc. are suing the &#8212; December 4, 2013","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/sifma-isda-and-iib-sue-cftc-ov\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/sifma-isda-and-iib-sue-cftc-ov\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"SIFMA, ISDA, and IIB Sue CFTC Over Alleged Unlawful Rulemaking Regarding Cross-Border Rules, Swap Regulations","datePublished":"2013-12-04T06:00:00+00:00","dateModified":"2022-05-05T16:54:05+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/sifma-isda-and-iib-sue-cftc-ov\/"},"wordCount":606,"articleSection":["CFTC","Swap Transactions"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/sifma-isda-and-iib-sue-cftc-ov\/","url":"https:\/\/www.investorlawyers.com\/blog\/sifma-isda-and-iib-sue-cftc-ov\/","name":"SIFMA, ISDA, and IIB Sue CFTC Over Alleged Unlawful Rulemaking Regarding Cross-Border Rules, Swap Regulations &#8212; 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