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Compliance Dates Set for Security-based Swap Reporting and Recordkeeping
Practical Law Legal Update 3-605-2492 (Approx. 3 pages)
Compliance Dates Set for Security-based Swap Reporting and Recordkeeping
by Practical Law Finance
| Published on 19 Mar 2015 • USA (National/Federal) |
The SEC has published in the Federal Register the final SBSR rules for security-based swap (SBS) data reporting and recordkeeping, setting compliance dates for these rules. The SEC also published certain additional proposed rules and guidance on the reporting and public dissemination of SBS transaction data, opening a public comment period for these rules.
On March 19, 2015, the SEC published in the Federal Register two sets of final rules relating to Regulation SBSR as well as a proposed additional rule and guidance related to Regulation SBSR, the SEC's recently introduced data reporting and recordkeeping regime for security-based swaps (SBS).
The final SBSR rules require data repositories (SBSDRs) to register with the SEC and prescribe reporting and public dissemination requirements for SBS transaction data. The proposed additional rules and guidance relate to the reporting and public dissemination of SBS transaction data. For more information on these rules, see Legal Update, SEC Adopts Security-based Swap Reporting and Recordkeeping Regime under Dodd-Frank and Practice Note, US Derivatives Regulation: CFTC Swap Data Reporting and Recordkeeping Rules: Regulation SBSR: Proposed SEC Rules, Rule Amendments and Guidance.
The final rules are technically effective on May 18, 2015. However, compliance is required as of:
- May 18, 2015 (same as the effective date) for the Final Rule on Regulation SBSR - Reporting and Dissemination of Security-based Swaps Information (Rules 900, 907 and 909 of Regulation SBSR).
- March 18, 2016 for the Final Rule on Security-based Swap Data Repository Registration, Duties and Core Principles.
The SEC is also requesting comments on its Proposed Rule and Guidance on the Reporting and Dissemination of SBS Information. All comments are due on or before May 4, 2015. Paper comments should be addressed to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. Online submission can be sent by using the SEC's internet comment form (http://www.sec.gov/rules/proposed.shtml), or by sending an email to [email protected]. All submissions should refer to File Number S7-03-15, and this File Number should be included on the subject line if email is used.