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GAO-14-771R 1 (2014-07-24)

handle is hein.gao/gaobadqli0001 and id is 1 raw text is: G A O U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-326057 July 24, 2014 The Honorable Tim Johnson Chairman The Honorable Mike Crapo Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Jeb Hensarling Chairman The Honorable Maxine Waters Ranking Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Application of Security-Based Swap Dealer and Major Security-Based Swap Participant Definitions to Cross- Border Security-Based Swap Activities Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (Commission) entitled Application of Security-Based Swap Dealer and Major Security-Based Swap Participant Definitions to Cross-Border Security-Based Swap Activities (RIN: 3235- AL25). We received the rule on June 7, 2014. It was published in the Federal Register as final rules; interpretation on July 9, 2014. 79 Fed. Reg. 39,068. The final rule addresses the application of the definition of security-based swap dealer and major security-based swap participant in the cross-border context. The final rule also adopts a procedural rule related to the submission of applications for substituted compliance and addresses the scope of the Commission's authority with respect to enforcement proceedings under section 929P of the Dodd-Frank Act. Enclosed is our assessment of the Commission's compliance with the procedural steps required by section 801 (a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review of the procedural steps taken indicates that the Commission complied with the applicable requirements. GAO-1 4-771 R