If finalized, the proposed rule would be the SEC’s second major step toward finalizing the cross-border rules for security-based swaps under the Dodd-Frank Act.

On April 29, 2015, the US Securities and Exchange Commission (the SEC) proposed rules regarding (1) the security-based swap dealing activity of non-US persons that is arranged, negotiated or executed by personnel located in the United States, (2) the application of external business conduct requirements to the foreign business of security-based swap dealers and (3) the reporting and public dissemination requirements applicable to security-based swap transactions involving non-US persons that engage in activity in the US and to transactions effected by or through a broker-dealer (SEC Cross-Border Proposed Amendments Release).