The Securities and Exchange Commission has released an amended order regarding the way non-U.S. security-based swap dealers and participants must report their financial and operational information when they are relying on certain compliance orders. This updated order, which replaces the 2021 version, requires these entities to file specific parts of the FOCUS Report using the SEC's eFOCUS system. The order clarifies filing deadlines, the type of financial information needed, and how this information should be formatted according to the involved entities' local accounting standards. Importantly, the updated guidance adjusts the required fields due to recent changes in reporting forms, ensuring consistency with both U.S. and international standards.
Simple Explanation
Imagine a big rulebook meant for companies from other countries who do certain tricky money trades. The people who make these rules changed them a bit to tell these companies exactly how they should show their money numbers to follow both U.S. and their own country's rules, like making sure they use the right forms and fill them out on time.