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SEC proposals for cross-border security based swap activity

The Securities and Exchange Commission (SEC) has proposed detailed criteria which set out which regulatory requirements will apply when a transaction occurs partially within and partially outside the U.S.  The proposed rules also detail when security-based swap dealers, major security-based swap participants, and other entities — such as clearing agencies, execution facilities, and data repositories — must register with the SEC.

The proposal outlines a “substituted compliance” framework recognising that market participants may be subject to conflicting or duplicative compliance obligations in the global derivatives market.   This is subject to the requirements of a foreign regulatory regime having been determined by the SEC to achieve comparable regulatory outcomes.


The comment period for the proposed rules and interpretive guidance for cross-border security-based swap activities will occur for 90 days after they are published in the Federal Register.





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