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SEC Adopts Registration Rules for Security-Based Swap Dealers and Major Security-Based Swap Participants

The Securities and Exchange Commission of United States on 5th August 2015 adopted new rules to provide a comprehensive, efficient process for security-based swap dealers and major security-based swap participants to register with the SEC. The new rules is marked as milestone in the SEC’s final implementation of Title VII of Dodd-Frank Wall Street Reform and Consumer Protection Act.

The rules provide the Commission with the fundamental tool to supervise the business operations of dealers who occupy a critical role in the security-based swap market and also mark an important new phase in implementation of a regulatory regime that protects investors and enhances the integrity of this market

The new rules address all aspects of the registration regime for security-based swap dealers and major security-based swap participants, setting forth the extensive set of information required to be provided and kept up to date by a registrant. In addition, the rules require senior officers to make certifications about the registrant’s policies and procedures for compliance with the federal securities laws at the time of registration. The new rules will be effective 60 days after they are published in the Federal Register.

The Commission also proposed a new rule of practice to create a process for security-based swap dealers and major security-based swap participants to apply to the Commission for permission to continue to have certain persons subject to statutory disqualifications involved in effecting their security-based swap transactions if such continuation is consistent with the public interest. Comments on the proposal will be due 60 days after the proposal is published in the Federal Register.

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7 August 2015
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