On October 12th, the SEC published for comment proposed rules that lay out the process by which security-based swap dealers and security-based swap participants must register with the SEC. Comments should be submitted on or before December 19, 2011. SEC Press Release. In her open meeting remarks SEC Chairman Mary L. Schapiro noted that the proposal requires a senior officer of each security-based swap registrant to provide a certification to the SEC. That proposed certification would provide assurance as to the registrant's financial, operational, and compliance capabilities. Schapiro Open Meeting Remarks. Commissioner Troy A. Paredes dissented from the proposal objecting, in part, to the certification as "unduly vague and indeterminate." Paredes Open Meeting Remarks. In her open meeting remarks, Commissioner Elisse B. Walter highlighted footnote 15 of the proposing release, which notes that the SEC will be conducting a review of its registration process for all entities required to be registered with the SEC. She also offered a rebuttal to Commissioner Paredes' objections to the proposed rule. Walter Open Meeting Remarks.