Dan Brecher
Counsel
212-286-0747 dbrecher@sh-law.comFirm Insights
Cross-Border Swaps Are A Top SEC Priority for 2013
Author: Dan Brecher
Date: January 29, 2013
Key Contacts
Back
The Securities and Exchange Commission (SEC) recently announced that cross-border security-based swaps rules would be a top priority for 2013. SEC Chairman Elisse Walter has characterized the swap rules as “the critical linchpin” of the Dodd-Frank Wall Street Reform and Consumer Protection Act due to the “global nature of the market.”
“That is what is first on the agenda and really stands as the most important thing we need to do as a prelude to adopting everything else,” Walter told the SEC’s Investor Advisory Committee.
The Dodd-Frank Act required the SEC and U.S. Commodity Futures Trading Commission to draft rules aimed to bring greater transparency to the swaps market, which is cited as a contributing factor to the financial crisis. Under Dodd-Frank, the majority of swaps are to be cleared and traded through clearinghouses. Also, swap dealers, including some of the world’s largest banks, are required to register with the CFTC.
The SEC and CFTC have struggled with completing the derivative rules as required under the Dodd-Frank Act. After missing several deadlines, Congress has repeatedly called on the SEC and the CFTC to work together to come up with a workable set of rules. “We are very concerned that a lack of coordination between both foreign and domestic regulators could soon lead to a disruption of the derivatives markets,” 14 members of the House of Representatives from both parties wrote in December.
The CFTC has previously released guidance regarding the cross-border application of certain swaps provisions of Dodd-Frank. However, the CFTC has also issued a series of no-action letters and exemptions, which many argue have resulted in a lot of unanswered questions.
To avoid similar confusion, Walter has indicated that the SEC plans to release a formal rulemaking proposal that will include economic analysis of effects of cross-border application of new rules. A timeline, however, has not been announced.
If you have any questions about the new rules for cross-border swaps or would like to discuss how they may impact your business, please contact me, Dan Brecher, or the Scarinci Hollenbeck attorney with whom you work.
- Locations: New York City, Red Bank, NJ, Little Falls, NJ, Washington, D.C.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
What to Do If You Are Impacted by a Retailer Bankruptcy Part 2
Over the past year, brick-and-mortar stores have closed their doors at a record pace. Fluctuating consumer preferences, the rise of online shopping platforms, and ongoing economic uncertainty continue to put pressure on the retail industry. When a retailer seeks bankruptcy protection, a myriad of other businesses are often impacted. Whether you are a supplier, customer, […]
Author: Brian D. Spector
The Current Administration's Proposals for the Financial Services and Banking Industries Will Affect Your Business
Since his inauguration two months ago, Donald Trump’s administration and the Congress it controls have indicated important upcoming policy changes. These changes will impact financial services policies and priorities. The changes will particularly affect cryptocurrency, as well as banking rules and regulations. Key Regulatory Changes in Cryptocurrency For example, in the burgeoning cryptocurrency business environment, […]
Author: Dan Brecher
Tips for Commercial Landlords Impacted by Wave of Retailer Bankruptcies Part 1
The retail sector has experienced a wave of bankruptcy filings over the last year. Brick-and-mortar businesses in financial distress include big-name brands like Big Lots, Party City, The Container Store, and Vitamin Shoppe. When large retailers seek bankruptcy protection, they are not the only businesses impacted. Landlords can be particularly hard hit. While commercial landlords […]
Author: Brian D. Spector
How Understanding Bankruptcy Trends Can Benefit Your Business
The bankruptcy legal landscape presents both challenges and opportunities for businesses navigating financial distress. Understanding current bankruptcy trends can help businesses make more informed and strategic decisions. Corporate Bankruptcy Filings Trending Upwards Bankruptcy filings continued to trend upwards in 2024. According to statistics released by the Administrative Office of the U.S. Courts, personal and business […]
Author: Brian D. Spector
SEC Takes Actions Against Issuers for Failure to File Form D
In December, the U.S. Securities and Exchange Commission (SEC) announced charges against two privately held companies for failing to file a Form D notice, which is generally utilized for exempt securities offerings. Here, the SEC’s enforcement sends a strong message: compliance with regulatory requirements is not optional and failure to comply can have significant consequences. […]
Author: Kenneth C. Oh
Redefining Labor Relations: NLRB's Pivot from Abruzzo’s Memoranda
On February 14, 2025, the Office of General Counsel (OGC) of the National Labor Relations Board (NLRB) under Acting General Counsel William B. Cowen issued Memorandum 25-05, “New Process for More Efficient, Effective, Accessible and Transparent Case handling.” The Memorandum rescinds nearly all of the Memoranda issued by his direct predecessor, Jennifer Abruzzo, setting the […]
Author: Matthew F. Mimnaugh
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.