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SEC Revisits Cross-Border Swap Rules

Joe Mont | May 4, 2015

The Securities and Exchange Commission is seeking to better define the requirements for security-based swap transactions that involve a foreign entity’s dealing activity in the United States. 

Swaps between a U.S. party and a foreign party encompass approximately 50 percent of the global security-based swaps market. A proposed rule, unanimously approved by commissioners last week, would build upon similar 2014 rulemaking and address what to do when only certain activities involving a security-based swap transaction occur within the U.S. The rules require a non-U.S. company that uses U.S. personnel to arrange, negotiate, or execute a transaction in connection with its dealing activity to include that transaction in determining whether it is required to register as a security-based swap dealer. The move is seen, in part, as a response to complaints from large U.S. banks who argued that the previous proposal...

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