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SEC issues final rules on security-based swaps

  • SEC document Image

Feb 13, 2015

The SEC has issued two final rules to increase transparency in the security-based swap market. As indicated in the SEC’s press release, the objective of the rules is “to ensure that [swap data repositories (SDRs)] maintain complete records of security-based swap transactions that can be accessed by regulators.”

The two final rules (SEC Final Rule Release Nos. 34-74244 and 34-74246) require registered SDRs to “establish and maintain certain policies and procedures regarding how transaction data are reported and disseminated.” In addition, certain registered SDRs must “establish and maintain policies and procedures that are reasonably designed to ensure that they comply with applicable reporting obligations.”

The SEC also released a proposed rule that would “assign reporting duties for certain security-based swaps not addressed by the adopted rules, prohibit registered SDRs from charging fees to or imposing usage restrictions on the users of publicly disseminated security-based swap transaction data, and provide a compliance schedule for certain provisions of Regulation SBSR.”

The final rules will become effective 60 days after the date of their publication in the Federal Register. Comments on the proposed rule are due 45 days after the date of its publication in the Federal Register.

For more information, see the press release on the SEC’s Web site.

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