Regulatory Alerts2019-02-19 | 2019-02347Added
Applications by Security-Based Swap Dealers or Major Security-Based Swap Participants for Statutorily Disqualified Associated Persons To Effect or Be Involved in Effecting Security-Based Swaps
The Securities and Exchange Commission adopted Rule of Practice 194 to establish a formal process for security-based swap dealers and major participants to apply for permission to employ associated persons subject to statutory disqualification. The rule creates an exclusion from the statutory prohibition for associated persons that are entities and allows natural persons to work without a specific application if they have already received relief from the Commission, CFTC, or a self-regulatory organization. These provisions enable SBS Entities to seek Commission orders permitting disqualified individuals to effect security-based swaps when consistent with the public interest.
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