SEC Open Meeting, October 13, 2010

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Dodd-Frank Timeline, Interim Final Temporary Rule for SBS Data Reporting
Approval Date Comment Deadline Effective Date
October 20, 2010 December 20, 2010 January 12, 2012
Dodd-Frank Timeline, Ownership Limitations and Governance Requirements for SBS Entities, SEC
Proposal Date Comment Deadline Reopened Comment Period Deadline
October 26, 2010 April 29, 2011 July 22, 2013
Dodd-Frank Timeline, Issuer Review of Assets in Asset-Backed Securities, SEC
Final Rule Issue Effective Date Compliance Date
January 25, 2011 March 28, 2011 December 31, 2011

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:

  • Interim final temporary Rule 13Aa-2T concerning the reporting of security-based swap data;
  • A new rule to "mitigate conflicts of interest at security-based swap clearing agencies, security-based swap execution facilities, and national security exchanges that post or make available for trading security-based swaps;" and
  • Rules requiring an issuer of asset-backed securities (ABS) to "perform a review of the assets underlying the ABS and disclose information relating to the review."

Archived webcast:

Meeting Summary

Topics of Discussion

  • Rules requiring parties to security-based swap transactions to:
  1. "report certain information relating to pre-enactment security-based swaps to a registered security-based swap data repository after such registered security-based swap data repository is operational, or to the Commission;
  2. report information relating to pre-enactment security-based swaps to the Commission upon request;" and
  3. retain SBS information.
  • Rules that would set voting and ownership limitations and other governance standards for security-based swap clearing agencies, for security-based swap facilities (SEFs) and for national securities exchanges that post or make available for trading security-based swaps.

Related Documents

Reporting of Security-Based Swap Transaction Data

Read final rule.png

Ownership Limitations and Governance Requirements for Security-Based Swap Clearing Agencies, Security-Based Swap Execution Facilities, and National Securities Exchanges With Respect to Security-Based Swaps Under Regulation MC

Read comment letters.png
Read proposed rule.png

Issuer Review of Assets in Offerings of Asset-Backed Securities

Read comment letters.png
Read proposed rule.png


Commissioner Luis A. Aguilar, whose statements include:

  • An explanation as to why the SEC is requiring the reporting of SBS information upon request, rather than within a 30-day time frame.
  • Questions regarding the conflict mitigation proposals:
  1. "Will they adequately address the conflicts of interest that may lead to reduced competition and transparency or to increased systemic risk?"
  2. "Are the ownership, voting, and board membership restrictions that we have proposed effective enough?"
  3. "Are there other tools that we should use?"
  • Concerns regarding the Commission's requirement of an issuer review with no standards set for said review.

Chairman Mary L. Schapiro, whose statements include:

  • An outline of the three proposed rules.
  • The information that ABS issuers are required to disclose:
  1. "information about how the loans in the pool differ from the disclosure in the prospectus about the underwriting criteria;
  2. information about loans that did not meet the disclosed underwriting criteria; and
  3. information about the entity that made the determination that such loans should be included in the pool, despite not having met the disclosed underwriting standards."

Commissioner Kathleen L. Casey, whose statements include:

  • Three concerns about the conflict mitigation proposal.
  • A distinction between the proposal to implement ABS issuer review rules versus the upcoming rulemaking regarding actual procedure.

Commissioner Troy A. Paredes, whose statements include:

  • Comments and questions concerning independent directors and ownership limitations for security-based swaps.

Commissioner Elisse B. Walter, whose statements include:

  • A note that ABS review still requires a proposed standard.
  • Concern over the impact of the proposed ABS review rules on the private market.


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