The Securities and Exchange Commission (SEC) recently announced that it will be adopting a series of rules and guidance on cross-border security-based swap activities for market participants. The first one was integrated at the end of June.
According to an SEC statement, the new guidelines explain when a cross-border transaction must be counted toward the requirement to register as a security-based swap dealer or major security-based swap participant. Additionally, the rules will address the scope of the SEC’s cross-border anti-fraud authority.
SEC Chair Mary Jo White said in the release that the newly adopted rules “have been strengthened to the extent feasible under existing law while increasing their clarity and workability for market participants.”
“The rules lay the foundation for an expansive, robust approach to the potential risk to U.S. market participants and the U.S. financial system from security-based swap activities,” White said.
SEC Division of Trading and Markets Director Steve Luparello said that the organization worked carefully to balance the regulatory goals of Title VII, as well as the practical needs of market participants and workability with the existing CFTC regime. According to Luparello, the new rules and guidelines are “appropriately tailored to our markets and regulatory structure.”
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