Clifford Chance

SEC Proposes to Regulate Security-Based Swap Activities of Non-US Parties Conducting Dealing Activity in the United States

13 May 2015

The US Securities and Exchange Commission has re-proposed regulations relating to security-based swap activity between two non-US persons where at least one is conducting dealing activity within the United States. The proposed rules would require unregistered dealers to include security-based swaps in their de minimis calculations, and would impose external business conduct and reporting requirements, if a security-based swap is arranged, negotiated or executed by personnel in the United States.

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