Friday, March 4, 2011
The SEC reopened the comment period on its proposed rule on Ownership Limitations and Governance Requirements for Security-Based Swap Clearing Agencies, Security-Based Swap Execution Facilities, and National Securities Exchanges with Respect to Security-Based Swaps under Regulation MC, which is designed to mitigate potential conflicts of interest at clearing agencies that clear security-based swaps, security-based swap execution facilities and national securities exchanges that post or make available for trading security-based swaps. The proposal was originally published in Securities Exchange Act Release No. 63107 (October 14, 2010), 75 FR 65882 (October 26, 2010) (“Regulation MC Proposing Release”). According to the SEC's release:
The Commission is reopening the period for public comment to solicit further comment on Regulation MC in light of other more recent proposed rulemakings that concern conflicts of interest at security-based swap clearing agencies and SB SEFs.
Comments should be received on or before April 29, 2011.