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SEC Adopts Long-Awaited Cross-Border Derivatives Rules

Joe Mont | July 1, 2014

Foreign banks that conduct over-the-counter derivatives trades with U.S. entities will now be required to register with the Securities and Exchange Commission, a move that also comes with new demands for transparency and mandatory clearing intended to reduce the risk of default.

The new requirements, which cover when a transaction must register as a security-based swap dealer or major security-based swap participant, are the first of a series of long-awaited rules and guidance on cross-border security-based swaps the SEC plans to issue. The rules also address the scope of the SEC's cross-border anti-fraud authority.

The SEC also...

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