On June 12th, the House passed H.R. 1256, the Swap Jurisdiction Certainty Act. The bill, introduced by Representative Scott Garrett, would require the SEC and CFTC to issue rules jointly governing the application of swaps requirements between U.S. persons and non-U.S. persons. Among other things, the rules would require the SEC and CFTC to have identical cross-border rules and explain the conditions under which U.S. persons complying with a foreign jurisdiction's swaps requirements may obtain an exemption from U.S. requirements. Garrett Press Release.