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Jun 02, 2013

SEC Issues Proposed Rules on Cross-Border Security-Based Swap Activities

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The SEC has proposed a long-awaited set of rules that provides its own contribution to the running debate over how U.S. rules should apply to cross-border activity in derivatives. In a single release, the SEC’s proposed rules (the “Proposed Rules”), issued on May 1, 2013, take a comprehensive approach to addressing the application of Title VII of the Dodd-Frank Act (“Dodd-Frank” or “DFA”) to cross-border activity in security-based swaps (“SBS”) in a number of areas, including dealer registration and regulation, clearing, exchange trading and reporting. The SEC’s Proposed Rules come in the midst of significant discussion, and criticism, of the approach taken by the Commodity Futures Trading Commission (the “CFTC”) in its own proposed guidance on cross-border issues (issued approximately 10 months ago) by market participants and non-U.S. regulators.

View full memo, "SEC Issues Proposed Rules on Cross-Border Security-Based Swap Activities"

Authors and Contributors

Azam Aziz

Partner

Derivatives & Structured Products

+1 212 848 8154

+1 212 848 8154

New York

Patrick Clancy

Partner

Finance

+44 20 7655 5878

+44 20 7655 5878

London

Thomas Donegan

Partner

Financial Institutions Advisory & Financial Regulatory

+44 20 7655 5566

+44 20 7655 5566

London

Geoffrey Goldman

Partner

Derivatives & Structured Products

+1 212 848 4867

+1 212 848 4867

New York

Donna Parisi

Partner

Derivatives & Structured Products

+1 212 848 7367

+1 212 848 7367

New York

Barnabas Reynolds

Partner

Financial Institutions Advisory & Financial Regulatory

+44 20 7655 5528

+44 20 7655 5528

London

Bradley K. Sabel

Of Counsel

Financial Institutions Advisory & Financial Regulatory

+1 212 848 8410

+1 212 848 8410

New York

Russell Sacks

Partner

Financial Institutions Advisory & Financial Regulatory

+1 212 848 7585

+1 212 848 7585

New York

James Duncan

Partner

Finance

+44 20 7655 5757

+44 20 7655 5757

London

Nhung Pham

Counsel

Investment Funds

+1 212 848 7885

+1 212 848 7885

New York