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SEC proposal would require certain non-U.S. swap dealers to register in U.S.

pionline.com | May 1, 2015

By Rick Baert

The SEC on Wednesday proposed requiring non-U.S. swap dealers that operate trading desks in the U.S. to register with the agency as a security-based swap dealer.

Also, those desks' transactions would be subject to the reporting and public dissemination requirements under Regulation SBSR, which requires reporting of security-based swap information to registered data repositories.

“These proposed rules are critical for the SEC's oversight responsibilities,” Mary Jo White, SEC chairwoman, said in a news release. “The rules will help ensure that both U.S. and non-U.S. dealers are subject to our registration, reporting, public dissemination and business conduct requirements when they engage in security-based swap activity in the United States, resulting in increased transparency and enhanced stability and oversight.”

The proposal would not cover mandatory clearing or trade execution on a security-based swap transaction between two non-U.S. trading parties, because the counterparty credit risk associated with these transactions resides primarily outside the U.S., the Securities and Exchange Commission said. However, the SEC said it could reconsider that depending on future developments in the security-based swap market.

The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act requires dealers that trade derivatives whose values are pegged to securities such as credit-default or equity swaps to register with the SEC.

The comment period for the proposed rules will close 60 days after being published in the Federal Register.


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