Divided SEC Takes Step to Stand Up Dodd-Frank Swap Regime

A divided SEC has moved closer to finalizing Dodd-Frank Act rules for parties involved in swap activity between the U.S. and other nations.

A rule package the Securities and Exchange Commission proposed May 10 would provide guidance on cross-border security-based swap requirements under the Dodd-Frank Act and take steps intended to harmonize SEC regulations with the regulatory regime overseen by the Commodity Futures Trading Commission, among other actions.

The agency has yet to disclose how all the commissioners voted on the cross-border swap proposals. But SEC Commissioner Robert Jackson, a Democratic-leaning independent, said he voted against the package.

Jackson said ...