On March 18, 2016, the SEC issued an order that pushed back the effective date of regulations governing security-based swap data repositories (SBSDRs), which were set to take effect on March 18, 2016. The effective date for these regulations is June 30, 2016.

Update: On March 31, 2017, the SEC further extended the compliance date for the SBSDR Rules to May 1, 2017, or to September 29, 2017 for any SBSDR applicant that files amendments to its application with the SEC prior to May 1, 2017. This is the fourth extension of this effective date.

Update: On September 29, 2016, the SEC further extended the compliance date for the SBSDR Rules to April 1, 2017.

Update: On June 30, 2016, the SEC further extended the compliance date for the SBSDR Rules to October 5, 2016.

On June 15, 2011, the SEC issued an exemptive order that provided guidance and certain exemptive relief from portions of Title VII of the Dodd-Frank Act concerning electronic access and availability of data for certain regulatory entities, privacy of transaction information, transparency of governance, and SBSDR anti-competitive considerations applicable to SBSDRs (the guidance provided exemptions from Sections 13(n)(5)(D)(i), 13(n)(5)(F), 13(n)(5)(G), 13(n)(5)(H), 13(n)(7)(A), 13(n)(7)(B), and 13(n)(7)(C) of the Exchange Act, codified at 15 U.S.C. 78m(n), et. seq.). The exemptive order provided relief from those provisions for SBSDRs until the earlier of either:

On March 18, 2016, final rules adopted under those provisions of Title VII of the Dodd-Frank Act regarding the registration of SBSDRs (SBSDR Rules) were also set to become effective (see Legal Update, SEC Adopts Security-based Swap Reporting and Recordkeeping Regime under Dodd-Frank). Those rules include 12 core rules that govern the registration process, duties, and core principles of SBSDR operation.

The current release pushes back the compliance date for the SBSDR Rules to June 30, 2016. As a result, the compliance date for the associated portions of Title VII of the Dodd-Frank Act applicable to the registration of SBSDRs, discussed above, are also pushed back to the earlier of:

Closely related to the SBSDR Rules is Regulation SBSR, which governs the ongoing obligations of SBSDRs to report information on security-based swaps (SBS) once the SBSDR is registered. Compliance with Regulation SBSR was required as of May 18, 2015, but is applicable only to registered SBSDRs. Therefore, individual SBSDR compliance with the post-registration phase-in schedule outlined in Regulation SBSR will be required upon SBSDR registration.

For details on Regulation SBSR and ongoing SBS reporting requirements, see Practice Note, US Derivatives Regulation: SEC Regulation SBSR Data Reporting for Security-Based Swaps.

For details on which swaps are SBS under the Dodd-Frank Act, see Practice Note, Summary of Dodd-Frank Act: Swaps and Derivatives: Security-Based Swaps.