United States:
Key Differences Between the CFTC and SEC Final Business Conduct Standards and Related Cross-Border Requirements
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In April, the Securities and Exchange Commission (SEC) adopted
its final business conduct rules for security-based swap dealers.
The Commodity Futures Trading Commission (CFTC) adopted parallel
rules for swap dealers in 2012. The two sets of rules are largely
similar but have several notable differences that may complicate a
firm's decision-making relating to its security-based swap
dealing business, including whether to integrate its security-based
swap dealer into its already registered CFTC swap dealer. This
WilmerHale alert highlights some of the key differences between the
SEC and CFTC rules.
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