Broader US person definition could cause clearing avalanche, participants warn
A large number of non-US buy-side firms could suddenly find themselves classified as US persons once a Commodity Futures Trading Commission (CFTC) exemptive order expires on July 12 – requiring them to comply with a host of Dodd-Frank transaction-level requirements.
The expiry of the order could drastically widen the reach of the Dodd-Frank Act and capture a significant number of offshore funds under a new, much broader definition of the term "US person". That could mean those entities, at a
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