Dodd Frank Act
The Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA), signed into U.S. law in July 2010, is intended to promote financial stability, transparency and market integrity within the financial system.
Title VII of DFA mandates regulation of the swaps market, which was perceived to have contributed to the financial crisis.
The Commodity Futures Trading Commission (“CFTC”) and the Securities and Exchange Commission (“SEC”) divide jurisdiction over the swaps market. The CFTC has jurisdiction over “swaps,” which involve FX, commodities, rates, broad-based CDS and broad-based securities indices, while the SEC has jurisdiction over security-based swaps (“SBS”) which involve swaps based on the performance of single securities or loans or narrow-based securities indices. “Mixed swaps” (i.e., those containing characteristics of both swaps and SBS) are jointly regulated by the CFTC and SEC. Most of the CFTC’s swap dealer (“SD”) rules have been in effect since 2013 while most of the SEC’s security-based swap dealer (“SBSD”) rules go into effect on November 1, 2021. This webpage will provide you with important information regarding both SD and SBSD requirements.
Societe Generale SA (“SG SA”) (LEI/GMEI: O2RNE8IBXP4R0TD8PU41) and Societe Generale International Limited (“SGIL”) (LEI/GMEI: 0IKLU6X1B10WK7X42C15) (collectively referred to as "SG") are each provisionally registered as an SD with the CFTC. SG SA will register as an SBSD with the SEC by November 1, 2021.
U.S. Regulatory Disclosures:
The information on this website is provided to you in connection with, among other rules and regulations, (a) CFTC Rule 23.431, pursuant to which SG SA and SGIL are required to provide informational disclosures to certain of their counterparties prior to trading swaps, and (b) SEC Rule 240.15Fh-3, pursuant to which SG SA is required to provide informational disclosures to certain counterparties prior to trading SBS.
Where this website refers to “we” or “SG” it refers to the relevant SG entity with which you are transacting (SG SA, SGIL or both, as applicable) and where this website refers to “you” it refers to you or your organization. The information on this website will be updated regularly and you should revisit periodically to ensure that you have the most current information available.
Certain of the disclosures contained on this website may not be relevant to all recipients. Specifically, the disclosures below are only required to be made where all of the following circumstances apply:
- With respect to SD disclosures, you are a U.S. person (“USP”) as that term is defined by the CFTC, a US branch of a non-USP or a non-USP facing SG SA’s New York Branch (“SGNY”)
- With respect to SBSD disclosures, you are a USP or a non-USP where your SBS trades with SG SA are arranged, negotiated or executed by SG personnel located in the US (“ANE”), as those terms are defined by the SEC;
- You are not a "swap dealer", "major swap participant", "security-based swap dealer", or "major security-based swap participant", in each case as defined in §1a of the Commodity Exchange Act; and
- You are entering into or contemplating entry into a transaction with SG that constitutes a swap as defined in section 1a(47) of the Commodity Exchange Act or an SBS as defined in section 3(a) of the Securities Exchange Act of 1934.
If the above circumstances apply, please read the following documents carefully (which apply to both swaps and SBS):
Prior to entering into a swap with SG, or prior to entering into an SBS with SG SA, we require that you read certain...
With respect to the material terms and characteristics of any swap to be entered into with SG, or any SBS to be entered...
DAILY (POST-TRADE) MID-MARKET MARKS AND PRE-TRADE MID MARKET MARKS Under CFTC Rule 23.431, SG is required to provide...
SG SA is one of the member banks of The London Gold Market Fixing Limited (London Gold Fix).
If you are acting in the capacity of agent and execute bunched swap orders with SG on behalf of your customers, please click here for important information setting forth terms applicable to such transactions.
In addition to the disclosures contained on this website, including the ISDA disclosures available on SG Markets, you should carefully read any additional supplemental disclosures contained in any documentation provided to you from time to time by SG in relation to any swap or SBS you are considering. Nothing provided on this website shall amend or supersede the express terms of any written agreement between you and SG.
SG sales and trading personnel located in the U.S. and other countries outside of SG’s home jurisdiction may be employees of or act on behalf of SG SA’s subsidiary, SG Americas Securities, LLC, or another local SG entity, who is authorized to act as agent for SG with respect to our derivatives business. If you have any questions about the information contained or referenced in this website, please discuss with your SG relationship contact. By transacting with SG, you are deemed to acknowledge that you have read and accepted the information provided on this website.
While SG has examined relevant external websites with due care and attention before any link has been provided, the content of external websites may change at any time without our knowledge, and SG accordingly assumes no responsibility or liability for the content of any website accessed via an external hyperlink.