Securities and Exchange Commission: Application of "Security-Based Swap Dealer" and "Major Security-Based Swap Participant" Definitions to Cross-Border Security-Based Swap Activities
GAO-14-771R: Jul 24, 2014
- Full Report:
GAO reviewed the Securities and Exchange Commission's (Commission) new rule on the application of "Security-Based Swap Dealer" and "Major Security-Based Swap Participant" definitions to cross-border security-based swap activities. GAO found that (1) the final rule addresses the application of the definition of "security-based swap dealer" and "major security-based swap participant" in the cross-border context and adopts a procedural rule related to the submission of applications for substituted compliance and addresses the scope of the Commission's authority with respect to enforcement proceedings under section 929P of the Dodd-Frank Act; and (2) the Commission complied with applicable requirements in promulgating the rule.