JPMorgan Chase & Co., Goldman Sachs Group Inc. and other U.S. swap dealers would gain limits on the Dodd-Frank Act's reach for overseas trades under a Securities and Exchange Commission proposal released today.

SEC commissioners voted 5-0 to seek comment on measures that would exempt overseas affiliates, including those guaranteed by U.S. banks, from registration when they conduct business predominantly with foreign clients. Overseas branches of U.S. banks could be exempt from Dodd-Frank standards for conduct with clients for equity and some credit swaps.

"This approach would allow the elimination of overlapping regulation when it truly is duplicative, while recognizing that regulatory regimes will necessarily differ in some respects," SEC chairman Mary Jo White said at a meeting in Washington.

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