An SEC-issued "Commission Statement" that provides relief from aspects of the security-based swap dealer ("SBSD") business conduct rules was published in the Federal Register.
As previously covered, the action is in response to "practical compliance difficulties" raised by market participants. The relief allows market participants to rely on counterparty representations given in the context of transactions complying with CFTC external business conduct requirements.
The statement became effective on November 6, 2018.
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