The Treasury FX Swaps, FX Forwards Exemption

On Nov. 16 the Department of the Treasury issued a determination that foreign exchange swaps and fx forwards should not be regulated under the Commodity Exchange Act and therefore should be exempted from the definition of swap under the CEA as amended by the Dodd Frank Wall Street Reform and Consumer Protection Act. The Determination is a wholesale adoption of the proposed determination issued by the Treasury last year and took effect immediately.