The SEC’s long-awaited rules and interpretive guidance for cross-border security-based swaps became effective on September 8, 2014.  The rules and guidance explain the circumstances in which a cross-border transaction must be counted toward the SEC requirement to register as a security-based swap dealer or major security-based swap participant. The rules also address the scope of the SEC's cross-border anti-fraud authority.  The SEC also adopted a rule regarding substituted compliance requests and established a procedure for market participants to satisfy certain obligations by complying with comparable foreign regulatory requirements.  The rules detail, among other things, the criteria for when foreign firms are covered by the SEC's regulatory regime. They specify when market participants engaged in cross-border swaps activity would be subject to SEC regulation as dealers or major participants and they define a number of key terms such as a U.S. person. Ultimately, the SEC’s rules and guidance are similar, but not the same, to the CFTC’s cross-border guidance, and thus may raise questions for cross-border market participants.