The Securities and Exchange Commission proposed rule amendments and guidance to govern cross-border security-based swap transactions. The proposed measures address how certain requirements for security-based swap transactions may apply to non-US entities where US-based personnel were involved in arranging or negotiating a relevant transaction. Apparently the proposed rules and guidance were coordinated with the Commodity Futures Trading Commission which is expected to propose its own parallel initiatives shortly. Comments to the SEC’s proposed regulatory approach will be accepted for 60 days following its publication in the Federal Register. Separately, previously announced amendments to compliance rules by the National Futures Association to address swaps will be effective July 1. (Click here for details.)