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SEC RIN: 3235-AK74 Publication ID: Spring 2013 
Title: Ownership Limitations and Governance Requirements for Security-Based Swap Clearing Agencies, Security-Based Swap Execution Facilities, and National Securities Exchanges 
Abstract: The Commission proposed regulations to impose ownership and voting limits and governance arrangements applicable to security-based swap clearing agencies and security-based swap execution facilities to mitigate potential conflicts of interest that could exist to those entities. The Commission separately proposed seven new rules and an amendment to an existing rule related to clearing agencies, including clearing agencies that clear security-based swaps. The proposed rules are designed to enhance the regulatory framework for the supervision of clearing agencies. The Commission adopted some of the proposed rules in RIN 3235-AL13 on November 2, 2012. The remaining rules in RIN 3235-AL13 proposed to: (1) require dissemination of pricing and valuation information by security-based swap clearing agencies that perform central counterparty services; (2) require all clearing agencies to have adequate safeguards and procedures to protect the confidentiality of trading information of clearing agency participants; (3) exempt certain security-based swap dealers and security-based swap execution facilities from the definition of a clearing agency; (4) amend rules concerning registration of clearing agencies to account for security-based swap clearing agencies and to make other technical changes; (5) require all clearing agencies to have procedures that identify and address conflicts of interest; (6) require minimum standards for all members of clearing agency boards of directors or committees; and (7) require all clearing agencies to designate a chief compliance officer. The Commission reopened the comment period on May 23, 2013 to merge the remaining proposals originally made in RIN 3235-AL13 into this rulemaking. 
Agency: Securities and Exchange Commission(SEC)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
CFR Citation: 17 CFR 242 
Legal Authority: PL 111-203 sec 765; PL 111-203 sec 763; 15 USC 78c; 15 USC 78f; 15 USC 78k-1; 15 USC 78q-1; 15 USC 78w(a) 
Legal Deadline:
Action Source Description Date
Final  Statutory  PL 111-203, sec 765. The Dodd Frank Act requires the Commission to adopt rules to mitigate conflicts of interest for security-based swap clearing agencies, SB SEFs, and SBS exchanges.  01/18/2011 
Timetable:
Action Date FR Cite
NPRM  10/25/2010  75 FR 65882 
NPRM Comment Period End  11/26/2010   
NPRM Comment Period Extended  03/08/2011  76 FR 12654 
NPRM Comment Period Extended End  04/29/2011   
NPRM Comment Period Reopened  05/23/2013  78 FR 30800 
NPRM Comment Period End  07/22/2013   
Final Action  06/00/2014   
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Information URL: www.sec.gov./rules/proposed/2011/34-64018.pdf  
RIN Data Printed in the FR: No 
Related RINs: Merged with 3235-AL13, Related to 3235-AK93 
Agency Contact:
Stephanie Park
Division of Trading and Markets
Securities and Exchange Commission
100 F Street NE,
Washington, DC 20549
Phone:202 551-6684
Email: parks@sec.gov

 
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