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SEC Sets Swap Dealer Registrations, 'Bad Actor' Waiver Battle Looms

Joe Mont | August 5, 2015

The Securities and Exchange Commission has adopted new rules and a process for its registration of security-based swap dealers and major security-based swap participants. More controversial, is a new proposal that gives swap dealers the ability to continue doing business with individuals and firms convicted of past fraud by seeking a Commission-granted waiver.

With the registration process, a registered security-based swap dealer or participant will submit, and update, extensive information about its business activities, structure, and background. Disclosures would include information about its control affiliates. Applicants will be conditionally registered as soon as the registration application is completed, triggering recordkeeping...

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