The Securities and Exchange Commission adopted two rules requiring security-based swap depositories to register with it, and enumerating such SDRs’ reporting and public dissemination requirements. The SEC also proposed rule amendments and guidance related to the reporting and public distribution of data related to security-based swap transactions. Among other measures, all security-based swaps involving US persons or registered security-based swap dealers would have to be reported to an SDR within 24 hours after execution; the rules do not address real-time reporting at this time. The rules provide for market participants to satisfy their reporting obligations under certain circumstances through satisfaction of comparable requirements of a foreign regulator. SDRs must also establish independent compliance functions, with only the Board of Directors having the authority to appoint, determine the level of compensation for and remove chief compliance officers. The CCO must also prepare an annual compliance report. Finally, there are hierarchy requirements related to the reporting of required information among the different types of parties to a security-based swaps transaction (e.g., priority for security-based swap dealers).