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Interim Final Rule: Reporting of Security-Based Swap Transaction Data

Interim Final Rule: Reporting of Security-Based Swap Transaction Data

RIN: 3235-AK73

Agency/Agencies: SEC

Federal Register Publication Date: 10/20/2010

Summary: Section 766 of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) required the SEC to adopt an interim final rule for the reporting of security-based swaps entered into before July 21, 2010, within 90 days of the enactment of the Dodd-Frank Act. Pursuant to this requirement, the SEC adopted an interim final temporary rule that required specified counterparties to pre-enactment security-based swap transactions to report certain information relating to pre-enactment security-based swaps to a registered security-based swap data repository or to the SEC by the compliance date established in the security-based swap reporting rules required under Sections 3C(e) and 13A(a) of the Securities Exchange Act of 1934, or within 60 days after a registered security-based swap data repository commences operations to receive and maintain data concerning such security-based swaps, whichever occurs first, and report information relating to pre-enactment security-based swaps to the SEC upon request. The SEC also issued an Interpretive Note to the rule that states that counterparties that may be required to report to the SEC will need to preserve information pertaining to the terms of these pre-enactment security-based swaps.

Ianthe Zabel
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