Just recently, the CFTC adopted final rules that establish a process for registering swap dealers and major swap participants. The National Futures Association has been tasked with performing the registration functions.

The registration process permits provisional registration and voluntary registration may start within the next few months. The deadline for mandatory provisional registration will be finalised once the definitions relating to crucial terms (terms such as swap, security-based swap, swap dealer) are actually finalised.

For most market participants, formulating a registration strategy is quite a challenge in the absence of these rules. For foreign banks, formulating a registration strategy is pretty well impossible. Regulators in the US have not provided any guidance on the extraterritorial application of the provisions of Title VII of the Dodd-Frank Act.