No Final Definition of “US Person” in Sight

Another interesting article from Risk Magazine, which reports that CFTC Commissioner Scott O’Malia has confirmed that the CFTC has not yet commenced work on a final draft of the definition of “US Person”, important in understanding many cross-border aspects of the Dodd-Frank Act.  The market is currently using a narrow definition published in a CFTC exemptive order dated 21 December 2012.  Under this definition, a US person is any person who is a resident of the US, or any entity that is organised or incorporated in the US or has its principal place of business in the US.  The December exemptive order is due to expire on 12 July 2013, but according to the article, looks set to be extended, possibly until the end of 2013.