§ 242.833. Cross-border exemptions.
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/us/cfr/t17/s§ 242.833·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Exemptions for foreign trading venues for security-based swaps. An application for an order for exemptive relief under section 36(a)(1) of the Act (15 U.S.C. 78mm(a)(1)) relating to the registration status under the Act of a foreign trading venue for security-based swaps that has one or more members who are covered persons, as defined in § 242.832, with respect to security-based swaps transacted on that venue may state that the application also is submitted pursuant to this paragraph (a). In such case, the Commission will consider the submission as an application to exempt the foreign trading venue, with respect to its providing a market place for security-based swaps, from:
(1)The definition of "exchange" in section 3(a)(1) of the Act (15 U.S.C. 78c(a)(1));
(2)The definition of "security-based swap execution facility" in section 3(a)(77) of the Act (15 U.S.C. 78c(a)(77));
(3)The definition of "broker" in section 3(a)(4) of the Act (15 U.S.C. 78c(a)(4)); and
(4)Section 3D(a)(1) of the Act (15 U.S.C. 78c-4(a)(1)).
(b)Exemptions relating to the trade execution requirement.
(1)An application for an order for exemptive relief under section 36(a)(1) of the Act (15 U.S.C. 78mm(a)(1)) relating to the application of the trade execution requirement in section 3C(h) of the Act (15 U.S.C. 78c-3(h)) to security-based swaps executed on a foreign trading venue, may state that the application also is submitted pursuant to this paragraph (b).
(2)When considering an application under section 36 of the Act (15 U.S.C. 78mm) and this paragraph (b), the Commission may consider:
(i)The extent to which the security-based swaps traded in the foreign jurisdiction covered by the request are subject to a trade execution requirement comparable to that in section 3C(h) of the Act (15 U.S.C. 78c-3(h)) and the Commission's rules thereunder;
(ii)The extent to which trading venues in the foreign jurisdiction covered by the request are subject to regulation and supervision comparable to that under the Act, including section 3D of the Act (15 U.S.C. 78c-4), and the Commission's rules thereunder;
(iii)Whether the foreign trading venue or venues where covered persons, as defined in § 242.832, intend to trade security-based swaps have received an exemption order contemplated by paragraph
(a)of this section; and
(iv)Any other factor that the Commission believes is relevant for assessing whether the exemption is in the public interest and consistent with the protection of investors.
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