Discussion of factors relevant to application of principal place of business concept to collective investment vehicles.

Participants generally discussed cross-border guidance.

Topics of discussion: cross-border implementation of Dodd-Frank Act; foreign branches and guaranteed affiliates.

Participants discussed the cross-border proposal and the upcoming expiration of the cross-border exemptive order.

The participants discussed issues in the cross-border guidance.  In particular they discussed the major swap participant threshold as applied to non-U.S. persons, the definition of “foreign branch” of a U.S. person, and the application of the swap dealer registration requirement to non-U.S. persons that are guaranteed by U.S. persons.

The participants discussed issues in the cross-border guidance.  In particular they discussed the major swap participant threshold as applied to non-U.S. persons, the definition of “foreign branch” of a U.S. person, and the application of the swap dealer registration requirement to non-U.S. persons that are guaranteed by U.S. persons.

Participants discussed cross-border guidance; exemptive markets exclusion.

Telephone call discussing cross-border final guidance.

Participants discussed the cross-border proposal and the upcoming expiration of the cross-border exemptive order.

Participants discussed their desire to harmonize cross-border regulations with domestic and international enitites.