U.S. banks' overseas swaps trades face new curbs under a U.S. Securities and Exchange Commission (SEC) plan adopted today, even as some members warned the regulation may not go far enough to rein in recent Wall Street efforts to escape the Dodd-Frank Act.

The SEC voted 5-0 to extend the agency's rules to transactions executed by foreign divisions of banks, including JPMorgan Chase & Co. and Goldman Sachs Group Inc., when the affiliate's trades are legally guaranteed by the parent company. The new rule comes as Wall Street has removed those guarantees to avoid Dodd-Frank Act regulations issued by another regulator, the Commodity Futures Trading Commission (CFTC).

“The recent financial crisis is replete with examples of firms rescuing their affiliates,” Commissioner Kara Stein said before the vote.“Firms do not jettison them off to fend for themselves in times of crisis; they bail them out.”