MFA and AIMA jointly submitted a comment letter to the Commodity Futures Trading Commission (“CFTC”) on its “Proposed Interpretive Guidance and Policy Statement on Cross-Border Application of Certain Swaps Provisions of the Commodity Exchange Act”. In the letter, MFA and AIMA expressed concern with the proposed “U.S. person” definition and its application to non-U.S. funds. In particular, MFA and AIMA advocated for the CFTC to modify the proposed guidance to instead adopt the definition of “U.S. person” in Regulation S of the Securities Act of 1933. In the event that the CFTC did not adopt that definition, MFA and AIMA also suggested amendments to prongs (ii), (iv) and (v) of the proposed “U.S. person” definition to ensure that it functions appropriately in the fund context. Lastly, MFA and AIMA urged further coordination between the CFTC and other U.S. and international regulators to avoid duplicative regulation and to address issues related to the practical details of how substituted compliance will work in practice.