SEC voted to propose rules governing the application of certain requirements to security-based swap transactions connected with a non-US person’s dealing activity in the United States.
The rules require a non-US company that uses US personnel to arrange, negotiate, or execute a transaction in connection with its dealing activity to include that transaction in determining whether it is required to register as a security-based swap dealer.The comment period for the proposed rules will close 60 days after they are published in the Federal Register.
“These proposed rules are critical for the SEC’s oversight responsibilities,” said SEC Chair Mary Jo White. “The rules will help ensure that both US and non-US 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 specified transactions would also be subject to the reporting and public dissemination requirements under Regulation SBSR and, if the non-US firm is a registered security-based swap dealer, to the external business conduct standards of Title VII. The proposed rules also address certain other matters, including who is required to report certain transactions involving non-US persons.
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