The Securities and Exchange Commission voted on 5-0 on Wednesday to adopt the first of a series of rules that would apply U.S. regulations to some derivative swaps by foreign affiliates of U.S.-based global financial institutions. (
Under the new rules, the SEC will regulate overseas swaps that are legally guaranteed by a U.S.-based parent bank. “The rules we adopted today have been strengthened to the extent feasible under existing law while increasing their clarity and workability for market participants,” SEC Chair Mary Jo White said in a prepared statement. “The rules lay the foundation for an expansive, robust approach to the potential risk to U.S. market participants and the U.S. financial system from security-based swap activities.”
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