SEC Proposed Rule: Registration of Security-Based Swap Dealers and Major Security-Based Swap Participants
|FINAL RULE: This page refers to the proposed rulemaking on Registration for Swap Dealers and Major Security-Based Swap Participants. For a summary of the final rule, click here.|
|Proposal Date||Comment Deadline (Reopened)||Final Rule Issue||Effective Date|
|October 24, 2011||July 22, 2013||August 14, 2015||October 13, 2015|
On October 12, 2011, the SEC held an open meeting concerning SEC registration of security-based swap dealers and major swap participants under the Dodd-Frank Act. Among the topics at this meeting was firms' filing of Form SBSE or Form SBSE-BD in order to register with the Commission.<ref>SEC Proposes Rules for Registration of Securities-Based Swap Dealers and Major Security-Based Swap Participants. SEC. Retrieved on October 12, 2011.</ref>
Note: On May 1, 2013, the comment periods were reopened for SEC proposed rules related to security-based swaps and security-based swap entities. The extended comment deadline is July 22, 2013. To submit a comment, click HERE.
- Security-based swap dealers and major swap participants must electronically file Form SBSE to register with the SEC.
- Security-based swap entities that are already registered with the CFTC may file the shorter form, Form SBSE-BD, in order to register with the SEC.
"In addition, the proposed rule would require the security-based swap entities to:
- Promptly update their forms if the forms become inaccurate.
- Have a knowledgeable, senior officer provide a certification as to the firm’s financial, operational and compliance capabilities to the Commission within a specified timeframe.
- Obtain and retain certain information from each of its associated persons that are involved in effecting security-based swaps, and have its Chief Compliance Officer certify that no such associated person is 'statutorily disqualified.'
The proposed rule also would also require each security-based swap entity that resides outside the U.S. to:
- Identify a U.S. agent who can accept legal documents on behalf of the company.
- Certify and submit an opinion of counsel that the non-U.S. entity is able to provide the SEC with access to its books and records and submit to on-site inspections and examination by the SEC."