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SEC RIN: 3235-AK74 Publication ID: Spring 2019 
Title: Ownership Limitations and Governance Requirements for Security-Based Swap Clearing Agencies, Security-Based Swap Execution Facilities, and National Exchanges 

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The Commission merged the remaining proposals originally made in RIN 3235-AL13 into this rulemaking.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: Long-Term Actions 
Major: Undetermined  Unfunded Mandates: No 
EO 13771 Designation: Independent agency 
CFR Citation: 17 CFR 242   
Legal Authority: Pub. L. 111-203, sec. 765    Pub. L. 111-203, sec. 763    15 U.S.C. 78c    15 U.S.C. 78f    15 U.S.C. 78k-1    15 U.S.C. 78q-1    15 U.S.C. 78w(a)   
Legal Deadline:
Action Source Description Date
Final  Statutory  Pub. L. 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 
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 Reopened End  07/22/2013 
Next Action Undetermined  To Be Determined 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Information URL:  
RIN Data Printed in the FR: No 
Related RINs: Merged with 3235-AL13, Related to 3235-AK93 
Agency Contact:
Matthew Lee
Assistant Director, Division of Trading and Markets
Securities and Exchange Commission
100 F Street NE,
Washington, DC 20549
Phone:202 551-5794