Reuters: Regulatory News: CFTC may delay some derivatives rules for foreign banks-Gensler

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CFTC may delay some derivatives rules for foreign banks-Gensler Jun 14th 2012, 14:29 NEW YORK, June 14 | Thu Jun 14, 2012 10:29am EDT NEW YORK, June 14 (Reuters) - The Commodity Futures Trading Commission may delay by up to a year rules that would require large foreign banks active in the $650 trillion derivatives markets to comply with U.S. derivatives rules at the entity level while it finalizes details, CFTC Chairman Gary Gensler said on Thursday. Gensler said the CFTC is considering a release that phases in requirements for foreign dealers to comply with U.S. regulations and that it would work with market participants and foreign regulators on alternative compliance during any delay. Foreign banks that enter into derivatives trades with U.S.-based counterparties would be required to comply with U.S. rules at the transaction level, Gensler said in prepared remarks for a meeting of the Institute of International Bankers in New York. They would also be required to report trades made with U.S. based trading partners to a trade warehouse or the CFTC, Gensler said.

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