SEC Proposed Rule: Regulation SBSR—Reporting and Dissemination of Security-Based Swap Information

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Dodd-Frank Timeline, Real Time Public Reporting of Swap Transaction and Pricing Data, SEC
Final Rule Issue/New Proposal Proposal Comment Deadline Effective Date, Final Rule
March 19, 2015 May 4, 2015 May 18, 2015

On November 19, 2010, the SEC held an open meeting concerning rules entailing how security-based swap transactions should be reported and publicly disseminated under the Dodd-Frank Act. Among the topics at this meeting were the parties responsible for reporting security-based swap information, the specific information to be reported, and the destination of the reported information.<ref>Press Release - SEC Proposes Rules on Security-Based Swap Reporting. SEC. Retrieved on November 19, 2010.</ref> Proposed rules were added to the Federal Register on December 2, 2010.

Regulation SBSR was re-proposed in May 2013 in conjunction with the agency's rules on cross-border activities. The cross-border rules were finalized in June 2014.

Note: On January 14, 2015, the SEC approved a set of final rules Regulation SBSR. For more information, click HERE.

Proposed Rules

The proposed rules, otherwise known as Regulation SBSR, call for the following:

  • "Parties to a security-based swap transaction would be required to report information about each transaction to a registered security-based swap data repository.
  • The registered security-based swap repository would be required to publicly disseminate certain of that information in a timely fashion."

The proposed rules specifically set out to:

  • "specify the categories of information to be reported to a repository in real time and publicly disseminated. Among other things, this would generally include information about the asset class of the security-based swap, information about the underlying security, the price, the notional amount, the time of execution, the effective date and the scheduled termination date;
  • specify certain additional categories of information to be reported to a repository for regulatory purposes, but not publicly disseminated. Among other things, this would generally include the counterparty; the broker, trader and desk ID; the amounts of any up-front payments and description of the terms of the payment streams; the title of any master agreement governing the transaction; and, the data elements needed to determine the market value of the transaction;
  • require the reporting of certain events that result in changes to previously reported information about a security-based swap transaction; [and]
  • identify which counterparty to a security-based swap transaction would be required to report information to a repository."

With regard to reporting regulation, security-based swap data repositories would be required to:

  • "establish and maintain policies and procedures regarding security-based swap transaction data that would be reported and disseminated; [and]
  • register with the Commission as securities information processors."

Related Documents: Proposed Rule and 2013 Re-proposal[edit]

References[edit]

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