SEC Adopts Technical Corrections to Business Conduct Standards (Fed Reg.)

Newly adopted SEC rules concerning (i) business conduct standards, (ii) the designation of a chief compliance officer for security-based swap dealers and major SBS participants, and (iii) their cross-border application and substituted compliance were published in the Federal Register.

The SEC adopted new rules that implement the provisions of Title VII of the Dodd-Frank Act concerning (i) business conduct standards, (ii) the designation of a chief compliance officer for security-based swap ("SBS") dealers and major SBS participants, and (iii) the cross-border application of the rules and the availability of substituted compliance.

The SEC held an open meeting at which it voted to adopt final rules that govern business conduct standards for security-based swap dealers and major security security-based swap participants.

The SEC adopted an amended cross border rule that affects non-U.S. firms operating a U.S. branch or office and using personnel located there to "arrange, negotiate, or execute" ("ANE") a security-based swap transaction in connection with the firm's dealing activity.