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

27. Financial Regulatory Agencies · Minor

Remove the 'affiliate conduit' and 'foreign consolidated subsidiary' categories

Not started

834 27. Financial Regulatory Agencies

“Remove the regulatory categories of “affiliate conduit” and “foreign consolidated subsidiary” from the 2013 Guidance and the CFTC’s cross-border rule on margin for uncleared swaps, respectively.”

What has happened

  1. Not started

    The "affiliate conduit" category in the CFTC's 2013 Interpretive Guidance and the "foreign consolidated subsidiary" category in its cross-border margin rule for uncleared swaps both survive. A Federal Register full-text search across all agencies and all document types since 2025-01-20 returns zero documents for "foreign consolidated subsidiary" and zero for "affiliate conduit"; the two hits for "conduit affiliate" are an SEC staff report on the security-based swap dealer definitions and a 2025 FOCUS Report rule, neither of which removes anything. The one cross-border margin rule of the window, the final rule of 2026-07-17, revises the definition of "margin affiliate" for certain collective investment vehicles and leaves the foreign consolidated subsidiary category in place.

    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

  • Queries. Federal Register full text since 2025-01-20, quoted, all agencies and all document types: "foreign consolidated subsidiary" → 0, "affiliate conduit" → 0, "conduit affiliate" → 2 (SEC staff report 2026-08558 of 2026-05-04; FOCUS Report rule 2024-30433 of 2025-01-21). The CFTC’s complete rulemaking output for the window (45 rules and proposed rules) was listed from the Corpus and read by title.
  • The uncleared-swaps margin final rule of 2026-07-17 (https://www.federalregister.gov/documents/2026/07/17/2026-14509/margin-requirements-for-uncleared-swaps-for-swap-dealers-and-major-swap-participants) was fetched and read: it amends the definition of “margin affiliate” so that certain collective investment vehicles are not treated as affiliates of one another, and the phrase “foreign consolidated subsidiary” does not appear in it.
  • The Commission’s only cross-border agenda entry, RIN 3038-AF57, is about swap dealer registration and multiple U.S. person definitions; it names neither category and no notice has been published. It is discussed on #2162 and is an intention rather than a rung.
  • cftc.gov is fully readable, and its whole press-release index for the window (554 releases) was swept for cross-border items. The only one is staff interpretive letter 25-14 of 2025-05-21, which applies existing definitions to one firm.
Action
eliminate
Object
the “affiliate conduit” and “foreign consolidated subsidiary” regulatory categories
ID
2163