The U.S. Commodity Futures Trading Commission voted to propose guidance for the international reach of Dodd-Frank Act derivatives rules for JPMorgan Chase & Co., Goldman Sachs Group Inc. and other financial institutions, according to two people briefed on the matter.

The guidance approved today after a unanimous vote by the CFTC's five commissioners will determine which overseas units of U.S. banks must comply with rules dictated by the 2010 regulatory overhaul. The vote was conducted through a private process in which commissioners gave their approval on paper.

"During a default or crisis, the risk that builds up offshore inevitably comes crashing back onto U.S. shores," CFTC Chairman Gary Gensler said in a statement. At least $2 billion in credit-derivatives trading losses in London at JPMorgan demonstrate the need for guarding against risks accumulated in overseas operations of U.S. firms, he said.