The Commodity Futures Trading Commission (CFTC) on March 10, 2015 published a request for comment in the Federal Register regarding the cross-border implications of eight swaps-related rulemakings. In particular, the CFTC is seeking comment as to whether there are distinct costs and benefits associated with application of those rules in overseas transactions as opposed to domestic transactions.

The request for comment stems from litigation brought by three industry associations (the Securities Industry and Financial Markets Association, the International Swaps and Derivatives Association, and the Institute of International Bankers) that challenged the CFTC’s interpretive guidance regarding cross-border swaps transactions. The Federal Court for the District of Columbia largely upheld the CFTC’s guidance, but remanded certain rules to the agency to evaluate the costs and benefits of the extraterritorial application of those rules. The request for comment is the CFTC’s initial response to the Court’s remand order.

Comments are due on or before May 11, 2015. After reviewing the comments, the CFTC will provide a further response to the Court’s remand order. In the interim, the current rules will remain in effect.