SEC Staff Grants Australian SBSD Relief From Certain Reporting Requirements

The SEC staff granted no-action relief to an Australian security-based swap dealer from certain financial reporting requirements.

In a letter to Macquarie Bank Limited ("MBL"), the staff of the Division of Trading and Markets granted MBL relief from financial reporting requirements under Exchange Act Section 15(f) ("Compliance Authority") and SEA Rule 18a-7(a)(2) ("Report Filing"). Citing MBL's compliance with current non-U.S. SBSD regulations for European countries outlined here, the SEC staff granted relief, conditional upon the bank:

(i) filing periodic financial and operations information with the SEC, pursuant to the terms and conditions of the Manner and Format Order (see  related coverage) and making relevant notifications to the SEC staff relating to capital compliance under Australian law; and

(ii) presenting the financial information in the filing in accordance with generally accepted accounting principles that the bank uses to prepare general purpose publicly available or available to be issued financial statements in Australia.

Primary Sources

1. SEC No-Action Letter: Reporting Requirements for Registered Non-U.S. Security-Based Swap Dealers with a Prudential Regulator

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