U.S. District Court for the District of Columbia

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Case Updates

District Court grants summary judgement to CFTC

September 17, 2014

The district court granted summary judgement to the CFTC as to plaintiffs claims regarding the Cross-Border Action.

U.S. Chamber asks Federal District Court to vacate CFTC’s Cross-Border rule

February 03, 2014

In its brief, the U.S. Chamber asked the U.S. District Court for the District of Columbia to vacate the Cross-Border rule issued by the CFTC. The brief argues that the Cross-Border rule fails to follow mandated requirements and reflects a troubling pattern of administrative agencies labeling their regulations as “policy statements” or “guidance” in order to avoid the procedural requirements of rulemaking. Subsequently, the CFTC has converted a statutory prohibition on extraterritorial swaps regulation, into a warrant to engage in the unprecedented status-based regulation of foreign financial institutions and transactions. The CFTC’s actions exceed its limited extraterritorial statutory jurisdiction and in effect, place U.S. companies at a disadvantage by increasing the costs of transactions which had been previously executed with foreign entities without extensive duties and standards.

Stephen B. Kinnaird, Kevin L. Petrasic and Michael A. Hertzberg of Paul Hastings LLP represented the U.S. Chamber as co-counsel to the National Chamber Litigation Center in this case.

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