SEC proposes rules to outline obligations of security-based swap repositories
22 November 2010
The Securities and Exchange Commission voted unanimously to propose new rules that would require security-based swap data repositories (SDRs) to register with the SEC. The proposed rules also lay out other requirements with which SDRs must comply.
Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act generally authorizes the SEC to regulate security-based swaps. The SEC's proposal aims to increase accountability and transparency in the security-based swap market, and ensure these repositories retain and maintain complete records of security-based swap transactions that can be accessed by regulators.
"The need for these repositories stems from the opaque nature of the swaps market — a market where transaction-level data has not been widely available or required to be recorded," said SEC Chairman Mary L. Schapiro. "These repositories have a crucial role to play in the development of a healthy and robust security-based swap market."
The SEC is seeking public comment on the proposed rules for a period of 45 days following their publication in the Federal Register.
Press release
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