SEC Proposes Actions to Improve Cross-Border Application of Security-Based Swap Requirements

The Securities and Exchange Commission today proposed a package of rule amendments and interpretive guidance to improve the framework for regulating cross-border security-based swaps transactions and market participants. The proposals are intended to improve the regulatory framework by pragmatically addressing implementation issues and efficiency concerns, and in some cases further harmonizing the regulatory regime governing security-based swaps administered by the Commission with the regulatory regime governing swaps administered by the Commodity Futures Trading Commission (CFTC). “First, I would like to thank Commissioner Peirce for her leadership on this proposing release. Today’s proposals reflect an important step forward in the Commission’s efforts to stand up the Dodd-Frank Title VII regulatory regime.