Regulatory Alerts2016-05-13 | 2016-10918Added · Updated
Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants
The Securities and Exchange Commission adopted final rules under the Dodd-Frank Act to establish business conduct standards and chief compliance officer requirements for security-based swap dealers and major security-based swap participants. These regulations mandate specific counterparty status verification, disclosure of material risks and conflicts of interest, and suitability obligations, with enhanced protections for special entities such as government bodies and employee benefit plans. The rules also define the cross-border application of these standards and outline the availability of substituted compliance for foreign regulatory regimes.
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