On February 11 2015 the Securities and Exchange Commission (SEC) published final rules regarding security-based swap data repository registration and security-based swap reporting in accordance with Section 763 and Section 766 of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The final rules establish:

  • a registration process for swap data repositories; and
  • certain policies and procedures for the reporting and dissemination of security-based swap transactions by registered swap data repositories.

The goal of the regulation is to improve transparency in security-based swap reporting and is a part of the overall regulatory agenda to improve transparency in the over-the-counter derivatives markets.

In addition, the SEC has issued two security-based swap proposed rules regarding the physical reporting and public availability of security-based swap data. It has also proposed new rules, rule amendments and guidance to Regulation SBSR regarding the reporting duties for cleared and platform-executed security-based swap transactions.

The final rule is available on the SEC site at www.sec.gov/rules/final/2015/34-74244.pdf and the SEC open meeting notice is available at www.sec.gov/news/openmeetings/2015/ssamtg011415.htm.

For further information on this topic please contact Donna M Parisi, Geoffrey B Goldman or Azam H Aziz at Shearman & Sterling LLP by telephone (+1 212 848 4000) or email (dparisi@shearman.com, geoffrey.goldman@shearman.com or aaziz@shearman.com). The Shearman & Sterling website can be accessed at www.shearman.com.

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