Final Rule: Application of “Security-Based Swap Dealer” and “Major Security-Based Swap Participant” Definitions to Cross-Border Security-Based Swap Activities
Federal Register Publication Date: 07/09/2014
Summary: The SEC adopted rules and provided guidance to address the application of certain provisions of the Securities Exchange Act of 1934 that were added by Subtitle B of Title VII of the Dodd Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”), to cross-border security-based swap activities. These rules and guidance in large part focus on the application of the Title VII definitions of “security-based swap dealer” and “major security-based swap participant” in the cross-border context. The SEC also adopted a procedural rule related to the submission of applications for substituted compliance. In addition, the SEC adopted a rule addressing the scope of its authority, with respect to enforcement proceedings, under Section 929P of the Dodd-Frank Act.