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ARTICLE · 16 NOVEMBER 2020

SEC Seeks Comment On SBSD Substituted Compliance For Germany

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The SEC is seeking comment on a proposed substituted compliance determination for German firms that register as security-based swap dealers.

GlobalCorporate/Commercial Law
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The SEC is seeking comment on a proposed substituted compliance determination for German firms that register as security-based swap dealers ("SBSDs"). The Order comes in response to an application submitted by Bundesanstalt für Finanzdienstleistungsaufsicht ("BaFin"), Germany's Federal Financial Supervisory Authority, pursuant to SEA Rule 3a71-6 ("Substituted Compliance for SBSDs").

BaFin requested substituted compliance for requirements under Exchange Act Section 15F ("Registration and Regulation of SBSDs") regarding (i) risk controls, (ii) recordkeeping and reporting, (iii) internal supervision and compliance, and (iv) counterparty protection, including disclosures and the suitability of recommendations. The application and the proposed determination do not address margin and capital requirements.

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