The Securities and Exchange Commission adopted final rules that will require non-US persons to include in a calculation necessary to assess whether they must be registered as a Security-Based Swap (SBS) Dealer all dealing activity involving security-based swaps with other non-US persons that is “arranged, negotiated or executed by that person’s personnel . . . or by its agent’s personnel who are located in a U.S. branch or office.” The requirement would apply in connection with SBSs executed over-the-counter, as well as to SBSs executed anonymously and cleared. The SEC’s requirement is similar to a requirement of the Commodity Futures Trading Commission articulated in a staff advisory in November 2013. However the effective date of the CFTC’s requirement has been delayed until the earlier of September 30, 2016, or the effective date of any CFTC action addressing related matters. The compliance date of the SEC’s new requirement is the later of 12 months after publication of the new rule in the Federal Register or two months prior to the last compliance date for a number of other requirements the SEC will impose on SBS dealers and major SBS participants—known as the “SBS Entity Counting Date.”