Regulatory Alerts2018-11-06 | 2018-24213Added · Updated
Commission Statement on Certain Provisions of Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants
The Securities and Exchange Commission issued a statement declaring that it will not enforce certain business conduct standards for security-based swap dealers and major participants for five years after their compliance date. This enforcement discretion allows market participants to rely on existing standardized counterparty documentation and previously obtained written representations to avoid market disruption. The statement specifically addresses exceptions for non-ERISA employee benefit plans, advisor status representations, and qualified independent representative requirements.
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