U.S. delays derivatives rules for foreign banks

WASHINGTON Fri Dec 21, 2012 2:43pm EST

WASHINGTON Dec 21 (Reuters) - The top U.S. derivatives regulator said on Friday it would give foreign banks dealing swaps with U.S. companies more time to comply with some of its rules, and would continue to fine-tune the contested regulations.

The Commodity Futures Trading Commision (CFTC) also said that its new definition of what constitutes a U.S. person - which includes companies - was largely similar to the one in an Oct. 12 letter.

This effectively eases the rules for foreign banks from its original July plan.

The CFTC also said it would seek further comments on cross-border issues, such as the definition of a U.S. person.

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