SEC Adopts Final Rules for Cross-Border Security-Based Swap Dealers and Major Security-Based Swap Participants

West LegalEdcenter

09/03/2014 01:00 p.m. - 02:00 p.m. EDT

Corporate Finance | Capital Markets, Financial Institutions + Financial Services, and Investment Management

James Schwartz and Julian E. Hammar

Julian E. Hammar and James Schwartz


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The Securities and Exchange Commission ("SEC") adopted its first in a series of final rules aimed at cross-border security-based swap activities. The final rules stem from an SEC proposal issued May 23, 2013, but do not address all of the issues raised in that proposal. Instead, the final rules address certain aspects of the 2013 proposal, principally the applicability of the security-based swap dealer ("SBSD") and major security-based swap participant ("MSBSP") definitions to cross-border security-based swap activities. This webcast will examine these final rules adopted by the SEC in its June 25 adopting release address, and further discuss:

  • Compliance Date;
  • SEC Jurisdiction and Approach to Rulemaking Compared to CFTC;
  • U.S. Persons;
  • Conduit Affiliates of U.S. Persons;
  • Non-U.S. Persons;
  • Aggregation;
  • Transactions between Non-U.S. Persons Conducted within the United States;
  • Substituted Compliance Procedural Rule; and
  • Antifraud Rule.

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