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US courts restrict territorial reach of Commodity Exchange Act

October 5, 2017, Risk

Anne Termine is quoted in a Risk article examining recent cases that have restricted the extraterritorial application of the Commodity Exchange Act. “I don’t think the Brent case ruling will deter any enforcement programme by the CFTC on an extraterritoriality basis,” says Termine. “However, it does give pause because some parts of the language are incorrect according to the CFTC, and I think that’s why the CFTC wants a correction before it becomes cemented bad law. Even if the ruling gets turned over by the courts later on, the language would still be out there and somebody could try to use it at some stage."

“Usually in private litigation cases, the courts will give great deference to the agencies who are responsible for interpreting and enforcing those rules, deferring a great deal to them,” Termine adds. “So it will be interesting to see how a court that’s not dealing with the agency directly but with private litigants responds to an agency’s concerns in this instance.”

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