SEC Advances Implementation of Security-Based Swap Regulation
April 6, 2021
The SEC has “voted to take two actions to continue to advance implementation of security-based swap regulation under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.” First, the Commission issued a notice of application and proposed substituted compliance order indicating that “certain UK-regulated firms that are also registered with the Commission as security-based swap dealers and major security-based swap participants conditionally may satisfy certain requirements under the Securities Exchange Act of 1934 by complying with comparable UK requirements.” The notice and order are being released in response to an application from the United Kingdom’s Financial Conduct Authority.
In addition, the SEC is reopening the comment period on the notice of application and proposed substituted compliance order with respect to the application of France’s Autorité des Marchés Financiers and Autorité de Contrôle Prudentiel et de Résolution. The purpose of reopening the comment period is to give stakeholders additional time to consider the changes in the proposed order.
For more information, see the press release on the SEC’s Web site.