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Final Rule: Regulation SBSR—Reporting and Dissemination of Security-Based Swap Information

Final Rule: Regulation SBSR—Reporting and Dissemination of Security-Based Swap Information

RIN: 3235-AK80

Agency/Agencies: SEC

Federal Register Publication Date: 05/18/2015

Summary: In accordance with Section 763 and Section 766 of Title VII (“Title VII”) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), the SEC adopted Regulation SBSR—Reporting and Dissemination of Security-Based Swap Information (“Regulation SBSR”) under the Securities Exchange Act of 1934 (“Exchange Act”). Regulation SBSR provides for the reporting of security-based swap information to registered security-based swap data repositories (“registered SDRs”) or the SEC, and the public dissemination of security-based swap transaction, volume, and pricing information by registered SDRs. Registered SDRs are required to establish and maintain certain policies and procedures regarding how transaction data are reported and disseminated, and participants of registered SDRs that are registered security-based swap dealers or registered major security-based swap participants are required to establish and maintain policies and procedures that are reasonably designed to ensure that they comply with applicable reporting obligations. Regulation SBSR contains provisions that address the application of the regulatory reporting and public dissemination requirements to cross-border security-based swap activity as well as provisions for permitting market participants to satisfy these requirements through substituted compliance. Finally, Regulation SBSR requires a registered SDR to register with the SEC as a securities information processor.

Ianthe Zabel
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