SEC adopts swaps cross-border guidance

By Daniel O'Leary
25 Jun 2014

The Securities and Exchange Commission has adopted rules on cross-border security-based swap activities for market participants, mapping out how the regulator will deal with substituted compliance and giving clarification on when swaps will count towards registration limits.

Market participants have been awaiting guidance on cross-border issues this year from US regulators. Offshore financial firms have recoiled from US regulators’ requirements to count cross-border swaps to ascertain whether they need to register as swap dealer or major security-based swap participants. Japanese market participants were seen last ...

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