SEC’s Peirce sees legal risk for dealers in new swap rules
Anti-fraud provision in proposal could expose margin calls to “potential liability”
Sweeping new rules designed to boost transparency and combat fraud in swaps markets could create unnecessary additional legal risks for dealers, a senior regulator has warned. The rules are intended to target the kinds of derivatives that allowed Archegos Capital Management to place huge stock bets without alerting the market.
Regulations proposed by the US Securities and Exchange Commission on December 15 would require public disclosure of security-based swap positions exceeding certain
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