SEC Open Meeting, December 15, 2010
|Final Rule Issue||Effective Date||Compliance Date|
|June 28, 2012||August 13, 2012||December 10, 2012|
|Proposal Date||Comment Deadline||Reopened Comment Period Deadline|
|December 21, 2010||February 4, 2011||July 22, 2013|
|Final Rule Issue||Effective Date||First Report Due|
|September 12, 2012||November 13, 2012||May 31, 2014|
|Proposal Date||Final Rule Issue||Effective Date|
|February 3, 2011||December 29, 2011||January 27, 2012|
The U.S. Securities and Exchange Commission (SEC) public meeting focused on the issuance of proposed rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act concerning:
- the process for submissions for review of security-based swaps for mandatory clearing and notice filing requirements for clearing agencies;
- the end-user exception to mandatory clearing of security-based swaps;
- conflict minerals;
- mine safety disclosure; and
- the disclosure of payments by resource extraction issuers.
Topics of Discussion
- Establishing a process for the submission for review of security-based swaps for mandatory clearing and a procedure by which the Commission may stay the mandatory clearing requirement.
- The submission to a clearing agency of a security-based swap.
- A rule governing the exception to mandatory clearing of security-based swaps, considering also the application of the proposed rule to banks, savings associations, farm credit system institutions and credit unions.
- Rules regarding the disclosure and reporting obligations with respect to the use of conflict minerals, to mine safety matters and to payments to governments made by resource extraction issuers.
Process for Submissions for Review of Security-Based Swaps for Mandatory Clearing and Notice Filing Requirements for Clearing Agencies
End-User Exception to Mandatory Clearing of Security-Based Swaps
Mine Safety Disclosure
Chairman Mary L. Schapiro, whose statements include:
- A summary of security-based swaps and security-based swaps rules.
- An explanation of mandatory clearing requirements.
- Introducing the proposed rule that would "specify the steps that end-users must follow to notify the SEC of how they generally meet their financial obligations when engaging in a security-based swap transaction that is exempt from the mandatory clearing requirement."
- Acknowledging close work with the CFTC on security-based swaps issues.
Commissioner Luis A. Aguilar, whose statements include:
- An explanation as to how the proposed security-based swaps rules include goals consistent with derivatives market reform and examine a major source of systemic risk.
- Support for the proposed rules regarding the clearing of security-based swaps.