The following was reported yesterday in BankNewsCredit
Asian regulators express concern regarding overseas application of Dodd-Frank rules
Asian regulators have requested that U.S. regulatory authorities review proposed derivatives rules to ensure that the new requirements do not conflict with those rules established by sovereign nations…
…“The impact from any resulting (likely significant) increase in compliance costs and the potential reduction in liquidity of [over-the-counter] derivatives markets should not be underestimated,” the groups said in the letter, according to Reuters.
The definition of a “U.S. person” by the Commodity Futures Trading Commission, which applies to any person or entity that will have an effect on American commerce, has elicited criticism and caused some unease in foreign markets that have trading relationships with the U.S.
Read more: BankNewsCredit
You have a computer with Microsoft Windows on it? You then are a US Person and banks may close your checking account or refuse to refinance your mortgage, since the act of purchasing Windows has an effect on American commerce. Maybe this sounds extreme, but America is not known for acting logically these days.