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February 24, 2016

Stroock Special Bulletin

By: Christopher Guhin

On February 10, 2016, the Securities and Exchange Commission ("SEC") released its final rule governing the cross-border application of the de minimis exception from designation as a security-based swap dealer.  Under the final rule, a non-U.S. person will be required to include, in its calculations of whether it qualifies for such de minimis exception, security-based swaps that are arranged, negotiated or executed by personnel (or personnel of an agent) located in a U.S. branch or office.

This Stroock Special Bulletin focuses on the SEC's test for such arrangement, negotiation or execution.