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SEC adopts rules for efficiency of securities-based swaps

Joe Mont | June 9, 2016

The Securities and Exchange Commission has adopted new rules that establish “timely and accurate” trade acknowledgment and verification requirements for security-based swap entities and their transactions. The rules are designed “to promote the efficient and effective operation of the SBS market.”

While the Commodity Futures Trading Commission maintains oversight over most derivatives transactions, the SEC holds jurisdiction over a small portion of the marketplace, including security-based and credit-default swaps, transactions that contributed to the 2008 financial crisis.

“These rules will result in more accurate and timely documentation for security-based swap transactions, which is a cornerstone of effective risk management,” said SEC Chair Mary Jo White. “They mark another significant step in completing the comprehensive regulatory framework for security-based swaps required by the Dodd-Frank Act.”...

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