SEC issues four rules after its December meeting

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Dec 19, 2019

After meeting this week, the SEC has issued two final rules and two proposed rules.

The final rules are summarized as follows:

  • “Risk Mitigation Techniques for Uncleared Security-Based Swaps” — This final rule establishes requirements for registered security-based swap dealers and participants related to “ reconciling outstanding security-based swaps with applicable counterparties on a periodic basis, engaging in certain forms of portfolio compression exercises, as appropriate, and executing written security-based swap trading relationship documentation with each of its counterparties prior to, or contemporaneously with, executing a security-based swap transaction.”
  • “Rule Amendments and Guidance Addressing Cross-Border Application of Certain Security-Based Swap Requirements” — This final rule is intended to address the cross-border application of certain Exchange-Act security-based swap requirements that were added by the Dodd-Frank Act. The SEC also issued a statement on “compliance with rules for security-based swap data repositories and Regulation SBSR.”

The proposed rules are summarized as follows:

  • “Disclosure of Payments by Resource Extraction Issuers” — This proposed rule would “require a resource extraction issuer to disclose payments made to governments relating to the commercial development of oil, natural gas, or minerals by type and total amount per project.”
  • “Amending the ‘Accredited Investor’ Definition” — This proposed rule would update the definition of “accredited investor” to “more effectively identify institutional and individual investors that do not need the protections rendered by registration under the Securities Act.”

Review the press releases page of the SEC’s Web site.

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