Proposed Legislation H.R. 1256 Calls for the CFTC and SEC to Work Together on Cross-Border Rules (with YouTube Selection)

H.R. 1256 calls for the SEC and the CFTC to work together and harmonize their rules relating to swaps transacted between those in the U.S. and those abroad while ensuring regulators employ a thorough and deliberate process in determining when to apply U.S. swaps rules in foreign markets and to foreign firms.

Specifically, this legislation would require joint rules to address:

(1) the nature of the connections to the United States that require a non-U.S. person to register as a swap dealer, major swap participant, security-based swap dealer, or security-based swap participant under each Commission's respective Acts and related regulations;

(2) the extent to which U.S. swaps requirements shall apply to the swap and security-based swap activities of non-U.S. persons, U.S. persons, and their branches, agencies, subsidiaries, and affiliates outside the United States; and

(3) the circumstances under which a non-U.S. person in compliance with the regulatory requirements of a foreign jurisdiction shall be exempt from U.S. swaps requirements.

YouTube Selection: "Why Can't We Be Friends?".

Click here to view text of proposed legislation.See also: House Financial Services Committee Blog Post.