Regulatory Framework for Security-Based Swaps

On December 18, 2019, the Securities and Exchange Commission (the “Commission”) adopted rule amendments, guidance, and a related order that complete the Commission’s regulatory framework in connection with security-based swaps. Publication of the rule amendments in the Federal Register triggers the compliance schedule within which security-based swap entities must register with the Commission and such entities and other security-based swap market participants must come into compliance with previously adopted rules pursuant to Title VII of the Dodd-Frank Act.

During this webinar, Curtis A. Doty, Matthew F. Kluchenek and Marlon Paz of Mayer Brown will discuss:

• The compliance schedule for the various aspects of the new regulatory framework;
• How to identify transactions that are security-based swaps;
• How to determine eligibility for the de minimis exemption from dealer registration;
• The principal regulatory obligations of security-based swap dealers, including how the framework applies to broker-dealers and banks;
• Counterparty documentation requirements;
• The extent to which compliance with CFTC swap regulations will satisfy obligations under the Commission’s new framework; and
• The cross-border application of the new framework.