The CFTC will hold an open meeting on June 21, 2012 to consider Proposed Interpretive Guidance on Cross-Border Application of Certain Swaps Provisions of the Commodity Exchange Act, and a Proposed Exemptive Order Regarding Compliance with Certain Swap Regulations under the Act. CFTC Press Release. On June 14th, CFTC Chairman Gary Gensler provided a preview of what the agency is considering. Foreign entities transacting in more than a de minimis level of U.S. swap dealing activity would need to register under the CFTC's swap dealer registration rules. Overseas swap dealers would be subject to tiered requirements consisting of entity level requirements (capital, risk management, recordkeeping, and reporting) and transaction-level requirements (clearing, margin, real-time public reporting, trade execution, and sales practices). Entity-level requirements would apply to all registered swap dealers, but in certain circumstances, overseas swap dealers could meet these requirements by complying with comparable and comprehensive foreign regulatory requirements (substituted compliance). Transaction-level requirements would apply to all U.S. facing transactions. For these requirements, U.S. facing transactions would include not only transactions with persons or entities operating or incorporated in the United States, but also transactions with their overseas branches. Likewise, this would include transactions with overseas affiliates that are guaranteed by a U.S. entity, as well as the overseas affiliates operating as conduits for a U.S. entity's swap activity. For certain transactions between an overseas swap dealer (including a foreign swap dealer that is an affiliate of a U.S. person) and counterparties not guaranteed by or operating as conduits for U.S. entities, Dodd-Frank transaction-level requirements may not apply. For foreign swap dealers, the CFTC is considering phased-in compliance. Gensler Remarks.