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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 17 - Commodity and Securities Exchanges |
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Chapter II—Securities and Exchange Commission |
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Part 242 - Regulations M, SHO, ATS, AC, NMS, SE, and SBSR, and Customer Margin Requirements for Security Futures |
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Regulation SE—Registration and Regulation of Security-Based Swap Execution Facilities |
§ 242.832 - Application of the trade execution requirement to cross-border security-based swap transactions.
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§ 242.832 Application of the trade execution requirement to cross-border security-based swap transactions.
(a) The trade execution requirement set forth in section 3C(h) of the Act shall not apply in connection with a security-based swap unless at least one counterparty to the security-based swap is a “covered person” as defined in paragraph (b) of this section.
(b) A “covered person” means, with respect to a particular security-based swap, any person that is:
(1) A U.S. person;
(2) A non-U.S. person whose performance under a security-based swap is guaranteed by a U.S. person; or
(3) A non-U.S. person who, in connection with its security-based swap dealing activity, uses U.S. personnel located in a U.S. branch or office, or personnel of an agent of such non-U.S. person located in a U.S. branch or office, to arrange, negotiate, or execute a transaction.