Project 2025 Tracker / What’s done, what’s next

27. Financial Regulatory Agencies · Minor

Apply the 2020 Cross-Border Rule definitions to requirements under the 2013 Guidance

Not started

834 27. Financial Regulatory Agencies

“Apply the definitions of “U.S. Person” and “Guarantee” in the CFTC’s 2020 rule on cross-border application of swaps regulations (2020 Cross-Border Rule) to the regulatory requirements that remain covered by the CFTC’s 2013 guidance on the subject (2013 Guidance).”

What has happened

  1. Not started

    The definitions of "U.S. Person" and "Guarantee" in the CFTC's 2020 Cross-Border Rule, 17 CFR 23.23, have not been extended to the requirements still governed by the Commission's 2013 Interpretive Guidance and Policy Statement. No rule or proposed rule of the window does it: a Federal Register full-text search for "2013 guidance" restricted to the CFTC returns one document, a substituted-compliance order for a French swap dealer, and "cross-border" restricted to CFTC rules and proposed rules returns five, none of which amends the cross-border framework. The Commission has an intention on file — RIN 3038-AF57, "Cross Border Application of Swap Dealer and Security-Based Swap Dealer Requirements", whose abstract says staff is considering recommending that the Commission amend swap dealer registration requirements "currently based on a complex application of guidance, exemptions, interpretations, and rules, as well as relying on multiple U.S. person definitions" — but its estimated proposal date has already slipped from December 2025 to July 2026 and no notice has been published. A Unified Agenda entry is a stated priority, not an action.

    No action found yet. This entry is the starting point, not a finding.

Research log

What was searched, and what didn’t count as evidence

Research notes

  • The agenda entry. RIN 3038-AF57, Proposed Rule Stage, CFR citation 17 CFR 23, legal authority 7 U.S.C. 1a(33), (43), (49), EO 14192 designation “Deregulatory”, NPRM estimated 07/00/2026 in the 2026 agenda and 12/00/2025 in the Spring 2025 agenda: https://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202510&RIN=3038-AF57 (loaded 2026-09-01). This is the same treatment the earlier page block of this chapter gave the SEC’s Regulatory Flexibility Agenda entries: an agenda entry states the Chairman’s priority and is neither a directive nor an action, so it does not move the Status.
  • The one thing that did happen, and why it is a lead. On 2025-05-21 the Market Participants Division and Division of Market Oversight issued interpretive letter 25-14, confirming for one proprietary trading firm organized abroad that it is not a “U.S. person” as defined by both Commission regulation 23.23(a) — the 2020 Cross-Border Rule — and the 2013 Interpretive Guidance (https://www.cftc.gov/PressRoom/PressReleases/9077-25, loaded 2026-09-01). That is firm-specific staff relief that applies the two definitions side by side in one case; it does not substitute the 2020 definitions for the 2013 ones in the requirements the Guidance still covers, so it stays here rather than in evidence.
  • Queries. Federal Register full text since 2025-01-20: "foreign consolidated subsidiary" → 0 (all agencies), "2013 guidance" restricted to the CFTC → 1, "cross-border" restricted to CFTC rules and proposed rules → 5. The Commission’s complete rulemaking output for the window was listed from the Corpus and read by title; the two cross-border documents in it are a substituted-compliance order for a nonbank swap dealer domiciled in France (2026-05-14) and the uncleared-swaps margin final rule (2026-07-17), which revises the definition of “margin affiliate” for collective investment vehicles and does not touch the cross-border definitions.
Action
other
Object
CFTC definitions of “U.S. Person” and “Guarantee” in cross-border swaps regulation
ID
2162