On January 14, 2015, the US Securities and Exchange Commission (“SEC”) adopted final rules regarding security-based swap data repository (“SDR”) registration, duties and core principles in accordance with Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”), which authorizes the SEC to regulate security-based swaps and to take steps to encourage accountability and transparency in this market. Adopted under the Securities Exchange Act of 1934, the final rule establishes a registration process for SDRs and requires SDRs to comply with certain duties and core principles regarding maintaining data and when and how a repository’s data could be accessed. It also establishes a requirement for SDRs to have a Chief Compliance Officer and other governance requirements. The SEC’s rules require all swaps to be reported within twenty-four hours until more study is done to refine the timing.
The press release on the FDIC website is available here: http://www.sec.gov/news/pressrelease/2015-6.html and a related SEC Open Meeting Agenda is available here: http://www.sec.gov/news/openmeetings/2015/agenda011415.htm.