SEC Finalizes Partial Framework for the Cross-Border Application of its Derivatives Regulations

The SEC Final Rule is the SEC’s first major step toward implementing its final regulatory regime under Title VII of the Dodd-Frank Act.

On June 25, 2014, the Securities and Exchange Commission (SEC) approved a final rule (the SEC Final Rule) regarding the cross-border application of its rules under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act). While the SEC’s proposed cross-border rule (the SEC Proposed Rule) covered a wide range of issues, including among other things:

• The definition of a “US person”

• Registration requirements for certain market participants, trade repositories, clearing agencies and security-based swap execution facilities

• Entity and transaction-level requirements for registered entities

• Compliance obligations for all other market participants

• Substituted compliance determinations

However, the SEC reserved many of these issues for later rulemakings. As a result, the SEC limits the scope of the SEC Final Rule to the following topics...

Please see full alert below for more information.

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Topics:  Compliance, Cross-Border, Derivatives, Dodd-Frank, SEC, Title VII

Published In: General Business Updates, Finance & Banking Updates, International Trade Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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