2022-07850: Rules Relating to Security-Based Swap Execution and Registration and Regulation of Security-Based Swap Execution Facilities
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The Securities and Exchange Commission ("SEC" or "Commission") is proposing a set of rules ("Regulation SE") and forms under the Securities Exchange Act of 1934 ("SEA") that would create a regime for the registration and regulation of security-based swap execution facilities ("SBSEFs") and address other issues relating to security-based swap ("SBS") execution generally. One of the rules being 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 ("SBS exchanges"). Other rules being proposed as part of Regulation SE would address the cross-border application of the SEA's trading venue registration requirements and the trade execution requirement for SBS. In addition, the Commission is proposing to amend an existing rule to exempt, from the SEA definition of "exchange," certain registered clearing agencies as well as registered SBSEFs that provide a market place only for SBS. The Commission also is proposing a new rule that, while affirming that an SBSEF would be a broker under the SEA, would exempt a registered SBSEF from certain broker requirements. Finally, the Commission is proposing 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 is withdrawing all previously proposed rules regarding these subjects.
The agency’s own summary, as published.
What this changes
Amends 5 parts of the Code of Federal Regulations — the standing rules this notice rewrites.
- 17 CFR 201 Rules of Practice
- 17 CFR 232 Regulation S-T—General Rules and Regulations for Electronic Filings
- 17 CFR 240 General Rules and Regulations, Securities Exchange Act of 1934
- 17 CFR 242 Regulations M, Sho, ATS, AC, NMS, SE, and SBSR, and Customer Margin Requirements for Security Futures
- 17 CFR 249 Forms, Securities Exchange Act of 1934
Rulemaking docket
We haven’t pulled this rulemaking’s full docket yet.
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