Federal Register: Security-Based Swap Data Repository Registration, Duties, and Core Principles

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Dodd-Frank Timeline, Swap Data Repository Registration, Duties and Core Principles Regulation, SEC
Reopened Comment Period Deadline Final Rule Issue Effective Date
July 22, 2013 March 19, 2015 May 18, 2015

On November 19, 2010, the SEC held an open meeting concerning rules to outline obligations of security-based swap repositories under the Dodd-Frank Act. Among the topics at this meeting was the creation security-based swap repositories in order to enhance transparency in the swaps market. <ref>Press Release - SEC Proposes Rules to Outline Obligations of Security-Based Swap Repositories. SEC. Retrieved on November 19, 2010.</ref> Proposed rules were added to the Federal Register on December 10, 2010.

Note: On May 1, 2013, the comment periods were reopened for SEC proposed rules related to security-based swaps and security-based swap entities. The extended comment deadline is July 22, 2013. To submit a comment, click HERE.

Proposed Rules

The proposed rules set forward registration requirements, duties and core principles for swap data repositories (SDRs).

Under the requirements, SDRs must:

  • "register with the Commission by filing a new Form SDR, and to update the filing when the information becomes inaccurate. The rules also would provide a process for the Commission to cancel or revoke the registration of an SDR;
  • provide the Commission access to security-based swap data, provide reports to the Commission relating to this data, and provide security-based swap data to relevant authorities upon request;
  • accept all security-based swaps reported to them (in asset classes that the SDR accepts);
  • accept transaction data and maintain it for not less than five years after the expiration of the applicable swap, and to calculate positions and maintain them for not less than five years; and
  • adopt policies and procedures reasonably designed to:
  1. resolve disputes over the accuracy of security-based swap data;
  2. ensure that their automated systems provide adequate levels of capacity, resiliency, and security; and
  3. protect the privacy of security-based swap transaction information, material non-public information, and intellectual property."

The proposed rules also:

  • "require SDRs to make certain disclosures to a market participant prior to accepting any security-based swap data from that market participant; and
  • require an SDR's board of directors or a body performing a similar function to designate a chief compliance officer, who would be responsible for, among other things, preparing an annual compliance report, which must be filed with the Commission along with an annual audited financial report."



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