SBS Entity Counting Date

The Security Exchange Commission has added an additional piece to its array of cross-border rules for security-based swaps (SBS). The new rule confirms that, consistent with the position taken by the Commodities Futures Trading Commission with respect to cross-border swaps, a non-US person must include in its de minimis calculations for security-based swap dealer registration any non-cleared “dealing” SBS it executes with a non-US-person counterparty if the swap is “arranged, negotiated or executed” by personnel of the non-US person located in a US branch or office or by agents of the non-US person located in a U.S. branch or office.
Continue Reading SEC Adopts Additional Rule for Cross-Border Security-Based Swaps