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The Securities and Exchange Commission voted to take two actions to continue to advance implementation of security-based swap regulation under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.  The Commission is publishing a notice of application and proposed substituted compliance order in response to an application from the United Kingdom’s Financial Conduct Authority (FCA).  In addition, the Commission is re-opening the comment period on the notice of application and proposed substituted compliance order in relation to the application by France’s Autorité des Marchés Financiers (AMF) and Autorité de Contrôle Prudentiel et de Résolution (ACPR).

“These actions reflect the Commission’s continued commitment to stand up the Dodd-Frank Title VII regime, prepare for the registration of security-based swap dealers later this year, and continue engaging with our foreign counterparts,” said SEC Acting Chair Allison Herren Lee.  “I thank our UK, French and EU colleagues for their commitment in advancing strong cross-border regulatory cooperation.”

The FCA application seeks substituted compliance for UK-regulated firms based on compliance with UK requirements.  The proposed substituted compliance order for the UK provides that certain UK-regulated firms that are also registered with the Commission as security-based swap dealers and major security-based swap participants conditionally may satisfy certain requirements under the Securities Exchange Act of 1934 by complying with comparable UK requirements.  The Commission would retain the authority to inspect, examine and supervise these firms and take enforcement action as appropriate. 

The Commission also is re-opening the comment period on the French notice of application and proposed substituted compliance order.  The re-opened comment period will give market participants and the public an opportunity to consider potential changes to the proposed order and additional questions related to the proposed order.  

These actions reflect the Commission’s consideration of the comparability of applicable non-U.S. requirements, and incorporate conditions intended to help promote comparability in practice.

The public comment periods for the UK and French applications will remain open for 25 days following publication of the actions in the Federal Register.  Additional information about substituted compliance applications is available at: https://www.sec.gov/page/exchange-act-substituted-compliance-and-listed-jurisdiction-applications-security-based-swap.

 

 

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