Proposed U.S. Personnel Test Rules for Dodd-Frank Security-Based Swap Requirements

On April 29, 2015, the U.S. Securities and Exchange Commission re-proposed rules that would apply certain requirements under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act to certain security-based swap transactions arranged, negotiated, or executed on behalf of a non-U.S. person by personnel located in the non-U.S. person’s U.S. branch or office or in a U.S. branch or office of its agent. Comments on the proposal are due on or before July 13, 2015.

In our memo, we provide a summary and analysis of the proposal, highlighting the key differences with parallel guidance under consideration by the U.S. Commodity Futures Trading Commission.