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SEC Plan Gives Exemptions to Swap Dealers’ Overseas Branches

U.S. regulators face pressure to limit the international reach of swaps rules.

By Silla Brush and Dave Michaels, Bloomberg | Updated on May 02, 2013

JPMorgan Chase & Co., Goldman Sachs Group Inc. and other U.S. swap dealers would gain limits on the Dodd-Frank Act’s reach for overseas trades under a Securities and Exchange Commission proposal released today.

SEC commissioners voted 5-0 to seek comment on measures that would exempt overseas affiliates, including those guaranteed by U.S. banks, from registration when they conduct business predominantly with foreign clients. Overseas branches of U.S. banks could be exempt from Dodd-Frank standards for conduct with clients for equity and some credit swaps.

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