On July 17th, Robert Cook, SEC Director, Division of Trading and Markets, testified before the Senate Agriculture Committee concerning the Commission's implementation of Title VII of the Dodd-Frank Act. Highlighting the agency's cost-benefit analysis, Cook noted the SEC's scrutiny of single-name credit default swap data in the development of the swap entity definition rules. To further ensure that the entity definition rules are appropriate, the Commission has directed the staff to report to the Commission on whether changes may be warranted to the rules based on a further analysis of data after relevant provisions of Title VII are implemented. Addressing remaining open issues, Cook said the SEC expects to propose rules related to the financial responsibility of security-based swap dealers and major security-based swap participants and interpretive guidance on the international implications of Title VII in the near term. Cook Testimony.