25 September 2016
Find out more

SEC proposes swaps registration rules

13 October 2011  |  4370 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  |  4947 views  |  0 comments
SEC sets up large trader reporting system

SEC sets up large trader reporting system

27 July 2011  |  7110 views  |  0 comments
EC launches antitrust probe into CDS market

EC launches antitrust probe into CDS market

03 May 2011  |  10195 views  |  0 comments
SEC outlines plans to tackle market volatility

SEC outlines plans to tackle market volatility

06 April 2011  |  5825 views  |  0 comments
Schapiro calls for stronger automated trading systems oversight

Schapiro calls for stronger automated trading systems oversight

24 March 2011  |  8139 views  |  0 comments
SEC scrutinises social media; Finra to re-examine guidance

SEC scrutinises social media; Finra to re-examine guidance

16 February 2011  |  12217 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  |  10585 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Find out moreVisit dh.comVisit capgemini.com

Top topics

Most viewed Most shared
Co-habitation with banks key to fintech futureCo-habitation with banks key to fintech fu...
13236 views comments | 34 tweets | 34 linkedin
hands typing furiouslyGoogle's Larry Page buys a 'major global b...
12694 views 0 | 31 tweets | 25 linkedin
RBS tests demonstrate ability of Ethereum to support a national domestic payments systemRBS tests demonstrate ability of Ethereum...
9907 views comments | 41 tweets | 27 linkedin
Banks test blockchain for reference data managementBanks test blockchain for reference data m...
8078 views comments | 16 tweets | 24 linkedin
Deutsche Bank teams up with accelerator to back fintech startupsDeutsche Bank teams up with accelerator to...
6984 views comments | 12 tweets | 5 linkedin

Featured job

Find your next job