SEC Lays Out Blueprint For Cross-Border Swaps Rules

Law360, New York (May 1, 2013, 2:54 PM EDT) -- The U.S. Securities and Exchange Commission on Wednesday proposed new derivatives trading rules for foreign banks that do business with U.S. entities in the $640 trillion market, but said European regulators could substitute their own rules in some cases.

The SEC's five commissioners voted unanimously to formally propose a 1,000-page release that would extend Dodd-Frank Act oversight of security-based swaps to certain large foreign firms that deal with American people and companies. The release calls for the SEC to allow for so-called substituted compliance, in which...
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