The U.S. Commodity Futures Trading Commission (“CFTC”) recently approved and issued its eagerly anticipated:

i. final interpretive guidance and policy statement on the cross-border application of the swap regulation provisions of the U.S. Commodity Exchange Act as amended (“CEA”) and related CFTC regulations (“Guidance”); and

ii. an exemptive order providing temporary conditional relief from compliance with certain provisions of the Guidance for certain entities subject to the CFTC’s new definition of “U.S. person” (“Exemptive Order”).

Many collective investment vehicles that previously were deemed to be outside of the CFTC’s swap jurisdiction will be regulated on a going-forward basis under the Guidance. However, the Exemptive Order temporarily delays compliance with the Guidance for some purposes until October 9, 2013 (i.e., 75 days after the publication of the Guidance in the U.S. Federal Register, which occurred on July 26, 2013)...