The Commodity Futures Trading Commission (CFTC) is reviewing U.S. banks' steps to restructure overseas swap trading as part of an examination of whether the companies might be evading Dodd-Frank Act rules.
The agency's staff is gathering information about any changes banks have made to derivatives contracts or their corporate structures seeking to free themselves from the law's restrictions, Mark P. Wetjen, the agency's acting chairman, told reporters yesterday after a Senate hearing in Washington.
The CFTC review comes before an "analysis about whether or not there is evasive activity under way" and possibly subject to rules against sidestepping the 2010 law, Wetjen said. "I don't want to prejudge the facts. What's going on could be perfectly legal."
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