News & Analysis as of

SEC Adopts Certain Final Rules Relating to Cross-Border Security-Based Swap Activities

The U.S. Securities and Exchange Commission (SEC) adopted its final rules on the definition of the term “U.S. person” solely for purposes of certain aspects of cross-border security-based swap activities (Final Rules) on July...more

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...more

U.S. Brokers Doing Business Overseas

Recently, regulators have made inquiries about the lawfulness of U.S. brokerage firms soliciting foreign clients. The regulators want to know under what exemptions or rules U.S. firms can do business overseas. This is a new...more

Updated: CFTC FORM 40/40S Reporting Requirements

Note: This version includes an additional section on cross-border considerations. Significant amendments to the CFTC’s large trader reporting program will apply as of August 15, 2014. The U.S. Commodity...more

SEC Adopts First Installment of Rules for Cross-Border Security-Based Swap Activity

On June 25, 2014, the Securities and Exchange Commission (SEC) re-started its rulemaking for security-based swaps (SBS) under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act")...more

The CFTC’S Cross-Border Application of the Dodd-Frank Act

After years of anticipation, the U.S. Commodity Futures Trading Commission in July 2013 issued more than 300 pages of “guidance” ostensibly to assist market participants in understanding the breadth of the extraterritorial...more

SEC Adopts Rules on Cross-Border Security-Based Swap Activities

On June 25, 2014, the Securities and Exchange Commission (“SEC” or “Commission”) unanimously adopted final rules regarding the application of “Security-Based Swap Dealer” and “Major Security-based Swap Participant”...more

SEC Finalizes Cross-Border Rule for Security-Based Swaps

On June 25, 2014, the United States Securities and Exchange Commission (“SEC”) adopted the first in a series of final rules and interpretive guidance related to U.S. regulation of cross-border security-based swap activities....more

"SEC Begins to Finalize Cross-Border Security-Based Swaps Rules"

On June 25, 2014, the Securities and Exchange Commission (SEC) adopted the first of a series of rules and guidance that will establish how security-based (SB) swap requirements under the Dodd-Frank Wall Street Reform and...more

SEC to Hold Open Meeting on Cross-Border Security-Based Swap Definitions

On June 18, the Securities and Exchange Commission announced that it will hold an open meeting on June 25 to consider whether to adopt rules that would apply the definitions of “security-based swap dealer” and “major...more

"US Swap Regulation: Cross-Border Debate Among Issues to Watch in 2014"

Since the enactment of Dodd-Frank in 2010, the CFTC and the SEC have proceeded at different speeds to address previously unregulated markets for swaps and security-based swaps, respectively. The CFTC moved quickly to develop...more

Update: An End-User’s Guide to the CFTC’s Final Cross-Border Guidance

There were a number of new developments with respect to the cross-border application of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) requirements for swaps in the latter part of 2013. This...more

Trade Associations File Lawsuit Over CFTC’s Cross-Border Guidance

The Securities Industry and Financial Markets Association, the International Swaps and Derivatives Association, Inc. and the Institute of International Bankers (collectively, Trade Associations) filed a complaint challenging...more

CFTC Staff Issues Advisory on Transaction-Level Requirements in Certain Cross-Border Situations

On November 14, CFTC issued advisory on the applicability of Dodd-Frank transaction-level requirements to swaps between non-U.S. swap dealers (SDs) (whether or not an affiliate of a U.S. person) and non-U.S. persons if the...more

CFTC Guidance on Cross-Border Application of United States Swap Regulations

Introduction - On July 12, 2013, the Commodity Futures Trading Commission (the “CFTC”) adopted interpretive guidance (the “Guidance”) that details the CFTC’s interpretation of the application of the Commodity Exchange...more

CFTC Issues Final Guidance on Cross-Border Application of Swap Regulations

On July 12, 2013, the Commodity Futures Trading Commission ("CTFC") approved final guidance addressing the extent to which the swap provisions of the Commodity Exchange Act ("CEA") added by Title VII of the Dodd-Frank Wall...more

An End-User's Guide to the CFTC's Final Cross-Border Guidance

Last month, the U.S. Commodity Futures Trading Commission (CFTC) issued final interpretive guidance with respect to the cross-border application of the Dodd-Frank Wall Street Reform and Consumer Protection Act’s (Dodd-Frank...more

CFTC Cross-Border Guidance Frequently Asked Questions

Section 722(d) of the Dodd-Frank Act amended the Commodity Exchange Act (“CEA”) by adding section 2(i), which provides that the provisions of the CEA relating to swaps shall not apply to activities outside the United States...more

CFTC Issues Final Guidance and Accompanying Exemptive Order on Cross-Border Application of Certain Swap Regulations

At a public meeting on July 12, 2013, the Commodity Futures Trading Commission (CFTC or Commission) adopted final guidance on how Dodd-Frank Act requirements will apply to cross-border swap activities (Guidance). In...more

Financial Services Legislative and Regulatory Update -- July 22, 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; International; Miscellaneous; and Upcoming Hearings. Excerpt from Leading the Past Week - Yesterday marked the 3rd Anniversary...more

Orrick's Financial Industry Week in Review - July 22, 2013

SEC and EU Supervisory Cooperation for Asset Management Industry - On July 19, the SEC announced that it signed various memoranda of understanding with the financial regulators of 25 member states of the EU and 3...more

CFTC Issues Interpretive Guidance Regarding Certain Cross-Border Transactions

On July 12, the Commodity Futures Trading Commission adopted interpretive guidance and a policy statement regarding the cross-border application of the swap provisions of the Dodd-Frank Wall Street Reform and Consumer...more

CFTC Adopts Final Cross Border Swaps Guidance

On Friday, the U.S. Commodity Futures Trading Commission (the “CFTC”) adopted final guidance regarding the cross border application of the new derivatives requirements under the Dodd-Frank Wall Street Reform and Consumer...more

SEC Issues Proposed Rules on Cross-Border Security-Based Swap Activities

The SEC has proposed a long-awaited set of rules that provides its own contribution to the running debate over how US rules should apply to cross-border activity in derivatives. In a single release, the SEC’s proposed rules...more

SEC Proposed Rules on Cross-Border Security-Based Swap Activities

Introduction - On May 1, 2013, the Securities and Exchange Commission (“SEC”) adopted and made public for comment proposed rules and interpretive guidance (“Proposed Rules”) to address the application of the provisions...more

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