June 25, 2014 / 3:11 PM / 3 years ago

U.S. SEC votes to adopt part of its swaps cross-border rule

WASHINGTON, June 25 (Reuters) - The U.S. Securities and Exchange Commission voted on Wednesday to adopt the first of a series of crucial rules that lay out when foreign banks that deal in derivatives must comply with U.S. regulations.

SEC commissioners said the final rule, which is required by the 2010 Dodd-Frank Wall Street reform law, contains some tougher measures than previously proposed to close some potential loopholes that could have permitted foreign banks to circumvent U.S. regulations.

It details the criteria for when foreign banks must abide by the SEC’s rules, explains the scope of the SEC’s anti-fraud powers and provides a process for banks to apply for permission to follow a foreign regulator’s comparable rules, instead of the SEC’s regulations. (Reporting by Sarah N. Lynch; Editing by Susan Heavey)

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