International Swaps Regulation - Comment Letter - Consortium of International Banks - September 20, 2011

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Acceptance of Public Submissions for a Study on International Swap Regulation
September 20, 2011

This comment letter was submitted by the following banking institutions:

  • Bank of America Merrill Lynch
  • Barclays Capital
  • BNP Paribas
  • Citi
  • Crédit Agricole Corporate and Investment Bank
  • Credit Suisse Securities (USA)
  • Deutsche Bank AG
  • HSBC
  • Morgan Stanley
  • Nomura Securities International, Inc.
  • Société Générale
  • UBS Securities LLC

The letter offers the following recommendations regarding international harmonization of rules:

  • The agencies should adopt a "consistent definition of 'U.S. person' based on SEC Regulation S" in order to decide whether parties to a swap transaction are subject to Dodd-Frank provisions.
  • The agencies should clarify application of swap dealers and major swap participants definitions to non-U.S. activities such as non-U.S. persons dealing with U.S. registered swap dealers, and swaps transactions inter-affiliated entities.
  • The agencies should address the fact that many firms "conduct their swap dealing businesses through a variety of structures, based on multiple and in many cases interdependent legal, strategic and business considerations that pre-date Dodd-Frank," and that "transaction-level requirements should generally apply only to transactions with a U.S. person."


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