In response to the September 2014 decision of a US federal court generally rejecting challenges to the cross-border guidance and interpretation issued by the Commodity Futures Trading Commission in July 2013, the Commission issued an initial response and request for comments last week. The CFTC’s guidance had sought to explain how the agency would apply provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act related to swaps and its recently implemented swaps rules in the cross-border context. Although the federal court mostly upheld the guidance, it ordered the CFTC to conduct a cost-benefit analysis in connection with the extraterritorial application of many of its rules addressed in the guidance. However, the court suggested that this review could be cursory. In response, the CFTC issued its initial response, noting—in a very succinct way—that “it considered costs and benefits on the understanding that the swaps market functions internationally, with many transactions taking place across international boundaries.” However, the CFTC also posed a number of questions, including whether there are any costs or benefits that it applied generally for both domestic and international transactions, “that do not apply, or apply to a different extent, to the relevant rule’s extraterritorial applications.” The Commission is also seeking insight where they are differences in costs and benefits in the domestic and extraterritorial application of a rule, “what are the implications of those differences for the substantive requirements of the rule or rules.” Comments are due by May 11.