SIFMA, the Futures Industry Association (FIA), and The Financial Services Roundtable (FSR) provide comments to the Securities and Exchange Commission (SEC) on the proposed rules and interpretive guidance addressing cross-border security-based swap activities, the re-proposal of Regulation SBSR and certain rules and forms relating to the registration of security-based swap dealers (SBSDs) and major security-based swap participants (MSBSPs), RIN 3235-AL25.

While the groups are supportive of many elements of the SEC’s cross-border proposal, which is intended to provide clarity to the cross-border reach of new Dodd-Frank Act Title VII SBS regulation, the groups have two significant concerns they wish to highlight: 

• the lack of harmonization with the  CFTC’s cross-border approach; and  
• the SEC’s proposed “conducted within the United States” test.  

In addition to providing greater detail on these two significant concerns, the groups all offer detailed suggestions and specific responses to the many of the SEC’s questions presented in the Commission’s request for comments.