24 May 2017
Visit EBAday.com

SEC proposes swaps registration rules

13 October 2011  |  4577 views  |  0 light bulbs

The Securities and Exchange Commission (SEC) has voted to push for a rule making security-based swap entities electronically file their registration with regulators.

The SEC - which was given authority over security-based swaps under Dodd-Frank - saw its commissioners vote 3-1 to propose the rule and has now provided 60 days for comments to be submitted.

Under the proposed rules, security-based swap dealers and major security-based swap participants would register with the Commission by electronically filing a new form based on the one used for broker-dealers.

Firms would have to ensure a "knowledgeable, senior officer provide a certification as to the firm's financial, operational and compliance capabilities" to the SEC.

In addition, participants would need to obtain and retain information from people involved in security-based swaps, with the chief compliance officer certifying they are not "statutorily disqualified".

Mary Schapiro, chairman, SEC, says: "Registering the major market participants in the largely unregulated security-based swap markets is a critical step toward better protecting investors."

Meanwhile, the commissioners also voted to back the "Volker Rule", preventing banks "engaging in short-term proprietary trading" with their own money.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

SEC launches whistleblower Web page

SEC launches whistleblower Web page

15 August 2011  |  5213 views  |  0 comments
SEC sets up large trader reporting system

SEC sets up large trader reporting system

27 July 2011  |  7335 views  |  0 comments
EC launches antitrust probe into CDS market

EC launches antitrust probe into CDS market

03 May 2011  |  10345 views  |  0 comments
SEC outlines plans to tackle market volatility

SEC outlines plans to tackle market volatility

06 April 2011  |  5955 views  |  0 comments
Schapiro calls for stronger automated trading systems oversight

Schapiro calls for stronger automated trading systems oversight

24 March 2011  |  8282 views  |  0 comments
SEC scrutinises social media; Finra to re-examine guidance

SEC scrutinises social media; Finra to re-examine guidance

16 February 2011  |  12425 views  |  1 comments
SEC begins overhaul of US equity markets with ban on direct market access

SEC begins overhaul of US equity markets with ban on direct market access

14 January 2010  |  10758 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit www.capgemini.com/worldreportsvisit vasco.com/news/PSD2-compliant-solutionsDownload the paper now

Top topics

Most viewed Most shared
Time for data-driven banking to come of ageTime for data-driven banking to come of ag...
8795 views comments | 29 tweets | 35 linkedin
Google and PayPal partner for mobile shopping by fingerprintGoogle and PayPal partner for mobile shopp...
8794 views comments | 27 tweets | 28 linkedin
Banks must get on AI bandwagon now – new Finextra researchBanks must get on AI bandwagon now – new F...
8581 views comments | 22 tweets | 31 linkedin
Twins fool HSBC voice biometrics - BBCTwins fool HSBC voice biometrics - BBC
8561 views comments | 21 tweets | 24 linkedin
hands typing furiouslyOpen APIs - Leveraging Banking As a Servic...
6524 views 1 | 7 tweets | 9 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job