EU Says Gensler Swaps Rule Clashes With Trans-Atlantic Pact
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European Union regulators accused the U.S. Commodity Futures Trading Commission of reneging on a trans-Atlantic pact on swaps regulation, saying new curbs on EU-based units of U.S. banks clash with efforts to align rules.
The European Commission is urging the CFTC to reconsider the measure that Chairman Gary Gensler argued is vital to prevent U.S. companies from evading regulations by booking transactions through affiliates based in other countries.