RegTech Intelligence 
The proposal for Cross-Border Guidance and accompanying exemptive phase-in order has been approved by the CFTC in a 3-1 vote.
Regulators have broken a worrying stalemate between the CFTC and the European authorities; worrying because it threatened to split derivatives trading along jurisdictional lines, with US entities unable to clear through European infrastructure and vice versa. The agreement settled the dispute between the US and EU by declaring certain sections of Dodd-Frank and EMIR to be equivalent.
No-action relief of certain CFTC rules has been extended to market participants and will apply to overseas branches of U.S. banks and foreign banks that do business with those firms. This will apply from July 13 2013 until 75 days after guidance is published in the Federal Register.
The guidance will detail what CFTC rules can be eligible for substituted compliance and will mainly apply to transaction level rules such as those affecting clearing, margin allocation, trade execution and direct access. It also has the effect of changing the definition of U.S person, which will broaden the scope of what entities fall under the scope of CFTC rules.
The final guidance and the no-action relief can be found here