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SEC RIN: 3235-AK93 Publication ID: Spring 2013 
Title: Registration and Regulation of Securities-Based Swap Execution Facilities 
Abstract: 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 fourteen 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 proposal includes an interpretation of the definition of "security-based swap execution facility" in section 3(a)(77) of the Exchange Act. 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 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 Commission is considering including those proposals in this rulemaking. The comment period was reopened on May 23, 2013. 
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 240.3a-1    17 CFR 240.15a-12    17 CFR 242.800 to 823    17 CFR 249.1700   
Legal Authority: 15 USC 78c-4    15 USC 78c    15 USC 78f    15 USC 78o    15 USC 78s    15 USC 78w(a)    15 USC 78dd(b)    15 USC 78dd(c)    15 USC 78mm   
Legal Deadline:
Action Source Description Date
Final  Statutory  Dodd Frank Act requires action within a year of enactment.  07/21/2011 
Action Date FR Cite
NPRM  02/28/2011  76 FR 10948   
NPRM Comment Period End  04/04/2011    
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 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Information URL:  
RIN Data Printed in the FR: No 
Related RINs: Related to 3235-AK74 
Agency Contact:
Tyler Raimo
Division of Trading and Markets
Securities and Exchange Commission
100 F Street NE,
Washington, DC 20549
Phone:202 551-6227