Listed Jurisdiction Applications for Security-Based Swap Markets

The Commission’s rules under the Securities Exchange Act of 1934 (“Exchange Act”) define when a person is a security-based swap dealer. Those rules set de minimis thresholds for security-based swap dealing activity below which a person is deemed not to be a security-based swap dealer.  Certain non-U.S. persons must count against those de minimis thresholds security-based swap dealing transactions that are arranged, negotiated, or executed by U.S. personnel, but Exchange Act Rule 3a71-3(d) includes a conditional exception to this requirement. One of the conditions to this exception requires that the non-U.S. person relying on the exception be subject to the margin and capital requirements of a jurisdiction that the Commission has designated as a “listed jurisdiction.

Submission of Applications for a Listed Jurisdiction Determination

Rule 0-13 under the Exchange Act describes the procedures for seeking a listed jurisdiction determination under Rule 3a71-3(d)(2). An application must be submitted to the Office of the Secretary either in paper or electronic format.

Prior to submitting an application, potential applicants are encouraged to contact the staff at derivativespolicy@sec.gov or +1 (202) 551-5870.

Applications for a listed jurisdiction determination submitted on paper must be sent to:

U.S. Securities and Exchange Commission
Office of the Secretary
100 F Street NE
Washington, DC  20549-1090

Applications for a listed jurisdiction determination submitted electronically must be sent to:

SubstitutedComplianceApplications@sec.gov

Listed Jurisdiction Determinations by the Commission

• Order Designating Australia, Canada, France, Germany, Japan, Singapore, Switzerland, and the United Kingdom as Listed Jurisdictions (December 18, 2019)

* Information regarding substituted compliance applications under the Exchange Act is available here.