SEC Division of Trading and Markets no-action letter: Macquarie Bank Limited

November 19, 2021
Gabriel D. Rosenberg
Davis Polk & Wardwell LLP
Re: Reporting Requirements for Registered Non-U.S. Security-Based Swap Dealers with a Prudential Regulator Dear Mr. Rosenberg:
In your November 18, 2021 letter (“Letter”), on behalf of Macquarie Bank Limited (“MBL”), you request written assurance that the staff of the Division of Trading and Markets (“Division staff”) of the U.S. Securities and Exchange Commission (“Commission”) will not recommend enforcement action to the Commission under section 15F(f) of the Securities Exchange Act of 1934 (“Exchange Act”)1 and Rule 18a-7 thereunder (“Rule 18a-7”)2 if MBL is registered with the Commission as security-based swap dealer (“SBSD”) and files required periodic unaudited financial and operational information with the Commission or its designee in the same manner and format as certain prudentially-regulated SBSDs applying substituted compliance with respect to Rule 18a-7, as described below. Based on the Letter, I understand the following facts and circumstances are relevant to your request. Background MBL The Letter states that MBL is a corporation organized under the laws of Australia and is regulated in Australia by the Australian Prudential Regulation Authority as an authorized deposit￾taking institution and by the Australian Securities and Investments Commission (“ASIC”) as a holder of an Australian financial services license. The Letter also states that the generally accepted accounting principles used by MBL to prepare general purpose publicly available or available to be issued financial statements are consistent with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) (“Australian GAAP”). 1 15 U.S.C. 78o-10. 2 17 CFR 240.18a-7.