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The Commission proposed a registration framework for security-based swap execution facilities ("SB SEFs"), rules that would implement a provision of the Dodd Frank Act requiring SB SEFs to comply with 14 enumerated core principles and enforce compliance with those principles, and a process for SB SEFs to submit proposed changes to their rules to the Commission. The Commission also proposed to exempt a registered SB SEF from the definition of "exchange," and to conditionally exempt a registered SB SEF from regulation as a "broker." The comment period was reopened on May 23, 2013. 

The Commission separately proposed regulations to impose ownership and voting limits and governance arrangements applicable to SB SEFs and national securities exchanges that trade security-based swaps to mitigate potential conflicts of interest that could exist in those entities on October 25, 2010, in RIN 3235-AK74. The staff is considering recommending that the Commission include those proposals in this rulemaking.