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Past Event
6 June 2013


  • Jerome J. Roche
    T +1 202 263 3773
  • David R. Sahr
    T +44 20 3130 3496

SEC Proposes Rules on Cross-Border Security-Based Swaps Transactions

Following the enactment of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act in July 2011, the US Securities and Exchange Commission (SEC) received numerous inquiries from non-US regulators and global derivatives market participants regarding how Title VII, and the SEC’s subsequent implementation of various regulations, will apply to the cross-border security-based swap transactions. The SEC acknowledged the importance of these questions and noted a plan to address them in a June 2012 policy statement. To that end, the SEC recently published for comment rules and interpretive guidance that, if adopted, will have a significant impact on parties engaging in security-based swap transactions from outside of the United States.

Please join Mayer Brown partners Jerome Roche and David Sahr for our next GFMI teleconference as they discuss some of the implications of the SEC’s proposal, including:

  • Registration and regulation of non-US security-based swap dealers and non-US major security-based swap participants
  • Extraterritorial application of US requirements, or “substituted compliance” with comparable non-US requirements, for security-based swap reporting, clearing, and trade execution
  • Contrasting and comparing the SEC’s security-based swap proposal with the analogous cross-border swap guidance from the US Commodity Futures Trading Commission

Mayer Brown’s Global Financial Markets Initiative helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing the firm’s global resources from multiple practices and offices, the initiative provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.

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6 June 2013

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