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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 | |
Abstract:
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. |
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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:
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Federalism: No | |
Included in the Regulatory Plan: No | |
RIN Information URL: www.sec.gov/rules/proposed/2011/34-63825 | |
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 Email: coem@sec.gov |