Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Wednesday, December 15, 2010

SEC Proposes Review Process for Mandatory Clearing of Security-Based Swaps

The SEC today voted unanimously to propose rules required under the Dodd-Frank Act that would set out the way in which clearing agencies provide information to the SEC about security-based swaps that the clearing agencies plan to accept for clearing. This information is designed to aid the SEC in determining whether such security-based swaps are, in fact, required to be cleared.

The SEC also proposed rules that would set out the way in which those clearing agencies that are designated as “systemically important” must submit advance notices for changes to their rules, procedures, or operations that could materially affect the nature or level of risk presented at such clearing agencies.

Public comments on the proposed rules should be received by the Commission within 45 days after their publication in the Federal Register.  Process for Submissions for Review of Security-Based Swaps for Mandatory Clearing and Notice Filing Requirements for Clearing Agencies; Technical Amendments to Rule 19b-4 and Form 19b-4 Applicable to All Self-Regulatory Organizations

http://lawprofessors.typepad.com/securities/2010/12/sec-proposes-review-process-for-mandatory-clearing-of-security-based-swaps.html

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