MFA and AIMA jointly submitted a comment letter to the Commodity Futures Trading Commission (CFTC) on its “Further Proposed Guidance Regarding Compliance With Certain Swap Regulations.” In the letter, MFA and AIMA expressed appreciation for the CFTC’s proposed modifications to the “U.S. person” definition, but also expressed continued concern with the breadth of the definition and its application to non-U.S. funds. In particular, MFA and AIMA urged the CFTC to provide equal treatment of funds and corporate entities by modifying the proposed “U.S. person” definition to:
MFA and AIMA also asked the CFTC to clarify that:
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.