The proposals are intended to improve the regulatory framework by addressing implementation issues and efficiency concerns of security-based swaps administered by the SEC with the regulatory regime governing swaps from the CFTC. The proposals address four key areas:
- Transactions arranged, negotiated, or executed by U.S. personnel located as a trigger for regulating security-based swaps and market participants;
- The requirement that non-U.S. resident security-based swap dealers and major security-based swap participants certify and provide an opinion of counsel such that the SEC can access their books and records and conduct onsite inspections and examinations;
- Cross-border application of statutory disqualification provisions; and
- Requiring questionnaires or employment applications that security-based swap dealers and major participants must maintain with regard to their foreign associated persons.
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