Swap Regulation

Visual Memorandum: SEC’s Security-Based Swap Capital, Margin and Segregation Rules

+0
1 View

On June 21, 2019, the SEC adopted security-based swap (SBS) capital, margin and segregation requirements (the SEC Rules) for SBS dealers (SBSDs) and major SBS participants, revised the capital and segregation requirements for broker-dealers that are not SBSDs to the extent they engage in SBS activities, and increased the minimum capital requirements for broker-dealers authorized to use internal models to compute net capital. The SEC Rules do not start the registration or compliance clock for SBSDs.

Share
Category

Giancarlo Races to the Cross Border Line

+0
1 View

In his final speech to the FIA, Chairman Giancarlo last week discussed three cross border swaps proposals that he will schedule for Commission consideration before he steps down on July 15.  Giancarlo has been particularly focused during his tenure on advancing a cross border swaps framework based on regulatory deference for jurisdictions that have adopted comparable G-20 swaps reforms—a position he advocated in a White Paper

Share
Category

SEC Cross-Border Proposal Balances Burdens and Benefits of New SBS Regime

+0
1 View

On Friday, the SEC proposed a package of rule amendments and regulatory guidance regarding the cross-border application of its security-based swap (“SBS”) rules.  The proposal represents an attempt by the SEC to reconsider certain aspects of the cross-border application of SBS regulatory requirements that market participants have identified as unnecessarily burdensome or incongruous with parallel CFTC swaps requirements.

Share
Category

Davis Polk Financial Services Regulatory Reform Tool—Post Midterm Election Edition

+0
1 View

Financial services regulatory reform will continue to evolve in 2018 and 2019.  As we observe the changing legislative landscape, here is the Post Midterm Election Edition of our reference tool, which provides context and summarizes current developments across a range of key regulatory areas, agencies and actors.  We will continue to track these issues and will provide our next update early in the new year.

Share
Category

CFTC Chairman Giancarlo’s White Paper Outlines Specific Recommendations to Cross-Border Swaps Regulation

+0
1 View

After a several-year pause, the CFTC is again re-assessing its approach to cross-border regulation of swap activities. The CFTC’s current approach is embodied in various rulemakings, guidance, orders, and agreements with non-U.S. regulators that have been adopted, issued, and entered into since 2013.

Share
Category