November 20, 2010
SEC Proposes Two Sets of Rules for Security-Based Swaps
At its open meeting on Friday, the SEC proposed two sets of rules relating to security-based swaps. The first would require security-based swap data repositories (SDRs) to register with the SEC. The proposed rules also lay out other requirements with which SDRs must comply. The second proposal would set forth how security-based swap transactions should be reported and publicly disseminated.
Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act generally authorizes the SEC to regulate security-based swaps. The SEC's proposals aim to increase accountability and transparency in the security-based swap market. The SEC is seeking public comment on the proposed rules for a period of 45 days following their publication in the Federal Register.
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