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SEC RIN: 3235-AK93 Publication ID: Fall 2022 
Title: Rules Relating to Security-Based Swap Execution and Registration and Regulation of Security-Based Swap Execution Facilities 

The Division is considering recommending that the Commission adopt rules regarding the registration and regulation of security-based swap execution facilities ("SBSEFs”), conflicts of interest in SBSEFs (as mandated by section 765 of the Dodd-Frank Act) and the cross-border aspects of security-based swap execution.

The Commission proposed a set of rules ("Regulation SE") and forms under the Securities Exchange Act of 1934 that would create a regime for the registration and regulation of SBSEFs and address other issues relating to security-based swap ("SBS") execution generally. One of the rules proposed as part of Regulation SE would implement part of the Dodd-Frank Act, which is intended to mitigate conflicts of interest at SBSEFs and national securities exchanges that trade SBS. Other rules proposed as part of Regulation SE would address the cross-border application of the Exchange Act’s trading venue registration requirements and the trade execution requirement for SBS. In addition, the Commission proposed to amend an existing rule to exempt from the Exchange Act definition of "exchange," certain registered clearing agencies as well as registered SBSEFs that provide a market place only for SBS. The Commission also proposed a new rule that, while affirming that an SBSEF would be a broker under the Exchange Act, would exempt a registered SBSEF from certain broker requirements. Finally, the Commission proposed certain new rules and amendments to its Rules of Practice to allow persons who are aggrieved by certain actions by an SBSEF to apply for review by the Commission. The Commission also withdrew all previously proposed rules regarding these subjects.

Agency: Securities and Exchange Commission(SEC)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final 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 U.S.C. 78c-4    15 U.S.C. 78c    15 U.S.C. 78f    15 U.S.C. 78o    15 U.S.C. 78s    15 U.S.C. 78w(a)    15 U.S.C. 78dd(b)    15 U.S.C. 78dd(c)    15 U.S.C. 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 Reopened End  07/22/2013 
NPRM  05/11/2022  87 FR 28872   
NPRM Comment Period End  06/10/2022 
Final Action  10/00/2023 
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:
Michael Gaw
Division of Trading and Markets
Securities and Exchange Commission
Division of Market Regulation, 100 F Street NE,
Washington, DC 20549
Phone:202 551-5602