Key takeaways:

• The SEC has published proposed rules and interpretive guidance addressing the cross-border application of the security-based swap regulatory framework established under Title VII of the Dodd-Frank Act.
• The proposed rules define the term "U.S. person" and address issues relating to cross-border activities with respect to security-based swap dealers, major security-based swap participants, as well as clearing agencies, data repositories and execution facilities for security-based swaps.
• The proposed rules also address the application of certain transaction-related requirements in connection with reporting, clearing and trade execution to cross-border security-based swap activities and establish a procedure under which the SEC may permit substituted compliance.