Cross-Border Security-Based and Other Swaps: SEC and CFTC Developments

ALI CLE Webcast

07/22/2013 12:00 p.m. - 01:30 p.m. EDT

Corporate Finance | Capital Markets, Banking + Financial Services, Financial Institutions + Financial Services, and Derivatives + Commodities


Joseph Marano
(212) 336-4316

For presentation materials, click here.

Since the passage of the Dodd-Frank Act in 2010, both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have been tasked to implement Title VII of the Act by proposing rules and guidance for swaps—transactions that were barely regulated, if at all, prior to the financial collapse of 2008. Both the SEC and CFTC have also been challenged to “harmonize” their regulations where participants in swap markets could conceivably be subject to rules from both agencies.

The SEC recently proposed rules for cross-border security-based swaps. Previously, the CFTC had proposed guidance on the cross-border application of its swap regulation; however, the CFTC had also issued an “exemptive order” to provide time-limited relief from compliance with the cross-border guidance. That order expires on July 12, 2013. In this session, we will address the following questions:

  • What is the SEC regulatory framework for cross-border security-based swaps?
  • How do the SEC rules differ from the CFTC guidance on cross-border swaps?
  • What, if anything, will the CFTC do at the expiration of its exemptive order?


  • Ellen P. Pesch, Sidley Austin LLP, New York City
  • Andrew P. Blake, Sidley Austin LLP, Washington, D.C.
  • Anna T. Pinedo, Morrison & Foerster LLP, New York City

ALI CLE will provide CLE credit.

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