External Meetings: Meeting with BNP Paribas Fortis

The meeting was held at the office of BNP Paribas Fortis in Brussels, Belgium. Participants discussed issues concerning the applicability of the new rules under Dodd-Frank to the swaps activities of global institutions. Participants expressed concerns with the potential burden of the real-time reporting requirement under Dodd-Frank. Participants also were interested in hearing about the extraterritorial impact of Dodd-Frank, and how the regulatory approach should be tempered so as not to lead to duplicative regulation by regulators in multiple jurisdictions being applied to the same financial institution.