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.
- Practices: Corporate Transactions & Business, Financial Services & Regulatory Practice
- Locations: New York City, Red Bank, NJ, Little Falls, NJ
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
Corporate Transactions: Best Practices for Successful Deals
Corporate transactions can have significant implications for a corporation and its stakeholders. For deals to be successful, companies must act strategically to maximize value and minimize risk. It is also important to fully understand the legal and financial ramifications of corporate transactions, both in the near and long term. Understanding Corporate Transactions The term “corporate […]
Author: Dan Brecher
How to Conduct a Fair and Legal Employee Termination in 2025
Ongoing economic uncertainty is forcing many companies to make tough decisions, which includes lowering staff levels. The legal landscape on both the state and federal level also continues to evolve, especially with significant changes to the priorities of the Equal Employment Opportunity Commission (“EEOC”) under the Trump Administration. Terminating an employee is one of the […]
Author: Angela A. Turiano
Admin Dissolution for Annual Report: What You Need to Know
While filing annual reports may seem like a nuisance, failing to do so can have significant ramifications. These include fines, reputational harm, and interruption of your business operations. In basic terms, “admin dissolution for annual report” means that a company is dissolved by the government. This happens because it failed to submit its annual report […]
Author: Dan Brecher
What Is Antitrust Litigation Law?
Antitrust laws are designed to ensure that businesses compete fairly. There are three federal antitrust laws that businesses must navigate. These include the Sherman Act, the Federal Trade Commission Act, and the Clayton Act. States also have their own antitrust regimes. These may vary from federal regulations. Understanding antitrust litigation helps businesses navigate these complex […]
Author: Robert E. Levy
Dissolving Your Business: Essential Legal Steps to Protect Your Interests
If you’re considering closing your business, it’s crucial to understand that simply shutting your doors does not end your legal obligations. Unless you formally dissolve your business, it continues to exist in the eyes of the law—leaving you exposed to ongoing liabilities such as taxes, compliance violations, and potential lawsuits. Dissolving a business can seem […]
Author: Christopher D. Warren
The Role of Corporate Restructuring in Mergers & Acquisitions
Contrary to what many people think, corporate restructuring isn’t all doom and gloom. Revamping a company’s organizational structure, corporate hierarchy, or operations procedures can help keep your business competitive. This is particularly true during challenging times. Corporate restructuring plays a critical role in modern business strategy. It helps companies adapt quickly to market changes. Following […]
Author: Dan Brecher
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.