SEC Head Backs 'Max' Dependence On Foreign Swaps Rules

Law360, New York (March 25, 2013, 2:49 PM EDT) -- Foreign firms trading with U.S. entities in the $638 trillion global swaps market should be allowed to follow foreign regulations rather than Dodd-Frank Act rules “to the maximum extent possible,” U.S. Securities and Exchange Commission Chairman Elise Walter said Monday.

The SEC and the U.S. Commodity Futures Trading Commission are proposing to extend their Dodd-Frank swaps oversight to certain large foreign firms that deal with American people and companies. However, the agencies have struggled to reach a consensus on the extent to which foreign firms can...
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