SEC Division of Trading and Markets no-action letter: Skandinaviska Enskilda Banken AB

Carolyn H. Jackson
Katten Munchin Rosenman LLP
Paternoster House
65 St Paul’s Churchyard
London, EC4M 8AB
United Kingdom
Re: Recordkeeping Requirements for Registered Non-U.S. Security-Based Swap Dealers with a Prudential Regulator Dear Ms. Jackson:
In your November 1, 2021 letter (“Letter”), on behalf of Skandinaviska Enskilda Banken AB (publ) (“SEB”), 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 SEB is registered with the Commission as a 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 SEB The Letter states that SEB is an international bank headquartered in Sweden, where it is prudentially regulated by the Finansinspektionen (“FI” or “Swedish FSA”). The Letter also states that the generally accepted accounting principles used by SEB 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) (“Swedish GAAP”). 1 15 U.S.C. 78o-10. 2 17 CFR 240.18a-7.