SEC legal hurdles threaten non-US CDS dealers
Concerns mount over ability of foreign banks to comply with the SEC’s security-based swap registration rules
Non-US dealers of products including single-name credit default swaps (CDSs) may be barred from trading them under incoming rules adopted by the US Securities and Exchange Commission (SEC) if they are unable to hand their books and records over to the regulator on demand.
The SEC approved registration rules for security-based swap dealers and major security-based swap participants in August 2015. These lay out the process by which dealers and large end-users of security-based swaps, such as
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