The Securities and Exchange Commission proposed rules that, if adopted, would require non-US persons to include security-based swaps arranged by their US personnel or agents in their calculation of total security-based swaps that, if they exceed a certain threshold, would require registration as a security-based swap dealer. However, under the proposed rules, mandatory clearing or execution requirements would not be imposed on security-based swaps between two non-US persons solely because one or both counterparties used US personnel or agents to arrange such swap transactions. The proposed rules also define when the US business of a security-based swap dealer is subject to SEC external business conduct rules. Foreign business of a security-based SD would not be required to comply with such external business conduct rules. Comments on the proposed rules will be accepted by the SEC for 60 days after its publication in the Federal Register. Staff of the Commodity Futures Trading Commission have previously written that certain transactional level requirements—including the application of mandatory trading and execution rules—apply to swaps between non-US persons arranged by US personnel or agents, but delayed the application of such requirement, most recently, to October 1, 2015.