Funds escape yo-yo effect as CFTC redefines US person

CFTC changed its US person definition in a new draft rule

Offshore hedge funds can breathe a sigh of relief after the Commodity Futures Trading Commission (CFTC) narrowed the scope of its controversial US persons definition.

The CFTC's cross-border guidance had previously defined any offshore hedge fund with a majority of US investors as a US person, meaning the fund would have to comply with transaction-level requirements set out in the US Dodd-Frank Act, such as mandatory reporting and clearing of certain swaps. However, in its proposed rules for

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