SEC adopts cross-border swap rules
The Securities and Exchange Commission on Feb. 10 adopted rules setting out how the agency will determine whether or not a non-U.S. security-based swap dealer must register with the agency.
“These final rules are integral to the SEC’s regulation of the security-based swap market, marking a key milestone in the completion of our regime for overseeing dealers,” said SEC Chair Mary Jo White.
The rules are largely unchanged from the SEC’s proposal released in 2015. They focus on the location of personnel arranging, negotiating or executing a security-based swap transaction on behalf of a dealer to determine which of those transactions should be included in a threshold when determining if a firm must be registered as a security-based swap dealer.
The rules take effect on April 19, but compliance is not required until the later of 12 months or when rules setting out how security-based swaps must be counted are finalized.
