The SEC voted unanimously to propose rules and interpretive guidance for parties to cross-border security-based swap transactions. In addition to the rules that would be applicable to swap dealers, the proposal also would apply to the various participants in swap market infrastructure, including exchanges, swap data repositories and clearing corporations. The proposal sets out, among other things, which entities would be "U.S. persons," which regulatory requirements apply when a transaction occurs partially within and without the U.S. The proposed rules also set forth a plan for reliance on
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Financial Services Committee Chairman Jeb Hensarling (R-TX) announced the committee's upcoming hearing schedule. The next hearing (on swaps regulation and the JOBS Act) is scheduled for May 7. View Press Release in full here (links externally to House Financial Services Committee website).
Bermuda Finance Minister E.T. Richards has announced that Bermuda has opted to negotiate and enter into a Model 2 Intergovernmental Agreement ("IGA") with the United States. Under Model 2, Bermuda will agree to direct and enable all Bermuda financial institutions to agree with the terms of a FATCA agreement with the United States and report, directly to the U.S., IRS information on accounts held at, and equity and debt interests in, such financial institutions as are directly or indirectly owned by U.S. persons. This differs from Model 1, where such information is reported to the local
Effective May 25, 2013, the Section 31 fee rate applicable to specified securities transactions on the exchanges and in the over-the-counter markets will decrease from its current rate of $22.40 per million dollars in transactions to a new rate of $17.40 per million dollars in transactions. Click here to view information notice in full (links externally to FINRA website).