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SEC RIN: 3235-AK93 Publication ID: Fall 2023 
Title: 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: No  Unfunded Mandates: No 
CFR Citation: 17 CFR 201.101    17 CFR 201.202    17 CFR 201.210    17 CFR 201.401    17 CFR 201.450    17 CFR 201.460    17 CFR 201.405    17 CFR 240.3a-1    17 CFR 201.442 (New)    17 CFR 201.443 (New)    17 CFR 240.15a-12 (New)    17 CFR 242.800 through 242.835 (New)    ...     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: 15 U.S.C. 77c    15 U.S.C. 77d    15 U.S.C. 77f    15 U.S.C. 77g    15 U.S.C. 77h    15 U.S.C. 77h-1    15 U.S.C. 77j    15 U.S.C. 77s    15 U.S.C. 77u    15 U.S.C. 77z-2    15 U.S.C. 77z-3    15 U.S.C. 77eee    15 U.S.C. 77ggg    15 U.S.C. 77nnn    15 U.S.C. 77sss    15 U.S.C. 77sss(a)    15 U.S.C. 77ttt    15 U.S.C. 78a    15 U.S.C. 78c    15 U.S.C. 78c(b)    15 U.S.C. 78c-3    15 U.S.C. 78c-4    15 U.S.C. 78d    15 U.S.C. 78d-1    15 U.S.C. 78e    15 U.S.C. 78f    15 U.S.C. 78g    15 U.S.C. 78i    15 U.S.C. 78j    15 U.S.C. 78j-1    15 U.S.C. 78k    15 U.S.C. 78k-1    15 U.S.C. 78l    15 U.S.C. 78m    15 U.S.C. 78n    15 U.S.C. 78n-1    15 U.S.C. 78o    15 U.S.C. 78o(d)    15 U.S.C. 78o-3    15 U.S.C. 78o-4    15 U.S.C. 78o-10    15 U.S.C. 78p    15 U.S.C. 78q    15 U.S.C. 78q-1    15 U.S.C. 78s    15 U.S.C. 78u-2    15 U.S.C. 78u-3    15 U.S.C. 78u-5    15 U.S.C. 78v    15 U.S.C. 78w    15 U.S.C. 78x    15 U.S.C. 78ll    15 U.S.C. 78mm    15 U.S.C. 80a-8    15 U.S.C. 80a-20    15 U.S.C. 80a-23    15 U.S.C. 80a-29    15 U.S.C. 80a-30    15 U.S.C. 80a-37    15 U.S.C. 80b-3    15 U.S.C. 80b-4    15 U.S.C. 80b-11    15 U.S.C. 7201 et seq.    15 U.S.C. 8302    15 U.S.C. 8343    7 U.S.C. 2(c)(2)(E)    12 U.S.C. 5221(e)(3)    12 U.S.C. 5461 et seq.    18 U.S.C. 1350    Pub. L. 111-203, 939A, 124 Stat. 1376 (2010)    Sec. 102(a)(3), Pub. L. 112-106, 126 Stat. 309 (2012)    Pub. L. 112-106, sec. 503 and 602, 126 Stat. 326 (2012)    Sec. 72001, Pub. L. 114-94, 129 Stat. 1312 (2015)    Sec. 72001, Pub. L. 114-94, 129 Stat. 1312 (2015)    ...   
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  11/00/2023 
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 Coe
Assistant Director, Division of Trading and Markets
Securities and Exchange Commission
100 F Street NE,
Washington, DC 20549
Phone:202 551-4875