SEC Proposed Rule: Regulation SBSR—Reporting and Dissemination of Security-Based Swap Information
|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.
Note: On January 14, 2015, the SEC approved a set of final rules Regulation SBSR. For more information, click HERE.
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