SEC Proposed Rule: Registration of Security-Based Swap Dealers and Major Security-Based Swap Participants

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Gavel.png 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.
Dodd-Frank Timeline, Registration of Security-Based Swap Dealers and Major Security-Based Swap Participants, SEC
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.


Proposed Rules

  • 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."


References[edit]

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