SEC Open Meeting, December 3, 2010

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Dodd-Frank Timeline, Further Defining “Swap Dealer,” “Major Swap Participant” and “Eligible Contract Participant,” SEC
Proposal Date Comment Deadline Final Rule Issue
December 21, 2010 February 22, 2011 April 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 further definition of security-based swaps market terms, including "swap dealer," "security-based swap dealer," "major swap participant," "major security-based swap participant" and "eligible contract participant."

Archived webcast:

Meeting Summary

Topics of Discussion

  • A joint proposal with the CFTC to further define "swap dealer," "security-based swap dealer," "major swap participant," "major security-based swap participant," and "eligible contract participant."

Related Documents

Further Definition of "Swap Dealer," "Security-Based Swap Dealer," "Major Swap Participant," "Major Security-Based Swap Participant" and "Eligible Contract Participant"

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Chairman Mary L. Schapiro, whose statements include:

  • An address of the challenges involved in defining terms relevant to major participants in the security-based swap market.

Commissioner Troy A. Paredes, whose statements include:

  • Concern that the proposal may be "unduly precautionary," burdening some firms with unwarranted regulation.
  • "Concern that the de minimis exemption thresholds for the 'security-based swap dealer' may be too low."
  • "Concern that the thresholds that determine whether an entity is a 'major security-based swap participant' may be too low.
  • Four extensive questions further examining security-based swap market definitions and de minimis thresholds.

Commissioner Luis A. Aguilar, whose statements include:

  • An outline of the risks faced by American businesses.
  • "All in all, I think the recommended approach is a reasonable proposal. If we get these concepts right, then this proposal will be appropriately tailored to serve its purpose, while not unduly introducing risk to the financial system by excluding entities from regulation."


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