Re:  Ex Parte Meeting on September 21, 2011 with KfW, also known as Kreditanstalt für Wiederaufbau.


 

Meeting participants discussed issues outlined in attached summary.

A CFA representative called CFTC staff to discuss the views expressed in CFA's comment letters to the CFTC (Feb. 22, 2011)and CFTC/SEC (Aug. 29, 2011) on the proposed external Business Conduct Standards rules.

Participants discussed the proposed aggregation policy and the elimination of the independent account controller exemption to the Commission's current aggregation rules.

Representatives from Goldman Sachs & Co.

Representatives from Morgan Stanley discussed the extraterritorial application of the Dodd-Frank Act (Act) requirements for swap dealers.  Specifically, the representatives asked the Commission to: (1) issue guidance on the extraterritorial reach of the Act in order to provide clarity to market participants; (2) when appropriate, defer to comparable foreign regulatory regimes; (3) harmonize the Commission’s swap rules with the security-based swap rules of the Securities and Exchange Commission; (4) through a rulemaking or interpretative guidance, address the application of transaction-

Representatives from JPMorgan Chase & Co.

Participants discussed the swap definition and in particular the Commissions' rules and interpretive guidance regarding insurance.

The Church Alliance submitted the attached email, cover letter, and enclosures to CFTC staff.

Representatives of Macquarie and their counsel discussed issues raised by Macquarie Group Limited in its comment letter filed with the Commission, specifically with regard to extraterritorial application of proposed capital requirements for swap dealers.