SEC proposes actions to improve cross-border application of security-based swap requirements

10 May 2019

The proposals are intended to improve the regulatory framework by addressing implementation issues and efficiency concerns, and further harmonizing the regulatory regime governing security-based swaps administered by the Commission with the regulatory regime governing swaps administered CFTC.

 

The proposals address four key areas:

the use of transactions that have been “arranged, negotiated, or executed” by personnel located in the United States as a trigger for regulating security-based swaps and market participants

the requirement that non-U.S. resident security-based swap dealers and major security-based swap participants certify and provide an opinion of counsel that the Commission can access their books and records and conduct onsite inspections and examinations

the cross-border application of statutory disqualification provisions

the questionnaires or employment applications that security-based swap dealers and major security-based swap participants must maintain with regard to their foreign associated persons

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