May 13, 2015
Stroock Special Bulletin
On April 29, 2015, the Securities and Exchange Commission (“SEC”) released proposed amendments and a re-proposed rule governing the regulatory treatment of certain security-based swap transactions between two non-U.S. persons. In crafting this proposal, the SEC considered comments to an earlier SEC proposal, as well as the comments received in response to a controversial Commodity Futures Trading Commission Staff Advisory that is currently subject to no-action relief.
Under the SEC’s proposal:
This Stroock Special Bulletin describes the SEC’s proposed test for whether a security-based swap transaction would be considered to be arranged, negotiated or executed by personnel of a non-U.S. person located in a U.S branch or office, or by personnel of an agent of such non-U.S. person located in a U.S. branch or office.
May 13, 2015
Stroock Special Bulletin
On April 29, 2015, the Securities and Exchange Commission (“SEC”) released proposed amendments and a re-proposed rule governing the regulatory treatment of certain security-based swap transactions between two non-U.S. persons. In crafting this proposal, the SEC considered comments to an earlier SEC proposal, as well as the comments received in response to a controversial Commodity Futures Trading Commission Staff Advisory that is currently subject to no-action relief.
Under the SEC’s proposal:
This Stroock Special Bulletin describes the SEC’s proposed test for whether a security-based swap transaction would be considered to be arranged, negotiated or executed by personnel of a non-U.S. person located in a U.S branch or office, or by personnel of an agent of such non-U.S. person located in a U.S. branch or office.