ISDA and the Center for Capital Markets Competitiveness called for the SEC and CFTC to use their exemptive authorities to authorize swap participants to use compliance with one agency’s regulations regarding dealer registration, regulatory and real-time reporting, business conduct standards and chief compliance officer requirements to comply with the other agency’s comparable regulations. This approach is warranted, said the two industry organizations, because there are material differences between the CFTC’s final swaps rules and the SEC’s final and proposed rules. Under the proposed approach, the SEC and CFTC could retain their respective enforcement, anti-manipulation and anti-fraud authorities, said the two organizations.
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ISDA Calls for Swap Dealer Choice in Complying With SEC or CFTC Swaps Rules
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