SEC cross-border rules an improvement on CFTC proposals, say lawyers
Narrower US person definition and substituted compliance proposal win praise from market participants
The Securities and Exchange Commission (SEC) has taken a different approach to the Commodity Futures Trading Commission (CFTC) in its cross-border rules, proposing a narrower definition of 'US person' that will limit the extraterritorial reach of Dodd-Frank, lawyers say.
The 650-page proposals on cross-border security-based swaps activity were voted through unanimously at an open meeting held at the SEC's headquarters in Washington, DC yesterday. A key part of the proposal was the definition of
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