SEC legal hurdles threaten non-US CDS dealers

Row over access to books and records threatens to undermine registration rules

An open book? Foreign security-based swap dealers would have to provide unfettered access to records

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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