Regulatory Alerts2015-08-25 | 2015-19662Added
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 proposes Rule of Practice 194 to establish a formal application process for security-based swap dealers and major participants to seek permission to employ statutorily disqualified associated persons. The rule creates temporary exclusions from statutory prohibitions, allowing entities to retain such persons for 30 days or up to 180 days while applications are pending with the Commission, CFTC, or self-regulatory organizations. Additionally, the proposal permits entities to bypass the application requirement if relief has already been granted by a relevant regulatory body regarding the specific associated person.
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