US Securities and Exchange Commission Issues Dodd-Frank Act Rule Proposal on Cross-Border Derivatives Transactions

    May 2015

    On April 29, 2015, the Securities and Exchange Commission (SEC or Commission) held an open meeting to consider whether to propose amendments and re-propose a rule under the Securities Exchange Act of 1934 (Exchange Act) governing the application of certain Title VII requirements to security-based (SB) swap transactions connected with a non-US person’s dealing activity that are arranged, negotiated, or executed by personnel located in a US branch or office or in a US branch or office of an agent (“Cross-Border Proposal”).

    The Commission unanimously approved the Cross-Border Proposal. The comment period will be 60 days after publication in the Federal Register.