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SEC Adopts Swaps Rules; Piwowar Slams CCO Changes

Joe Mont | January 14, 2015

The Securities and Exchange Commission has adopted new rules that will require security-based swap data repositories (SDRs) to register with it and adhere to new recordkeeping and data transparency requirements. The rules also provide an exemption from registration for certain non-U.S. SDRs when specific conditions are met.

Commissioner Michael Piwowar, however, was a dissenting vote over what he says were last-minute changes intended to crack down on individuals who lie to an SDR’s chief compliance officer.

The new Regulation SBSR details the information that must be reported and publicly disseminated for each security-based swap transaction. The rules also assign reporting duties for many security-based swap transactions and require SDRs registered with the SEC to establish and maintain policies and procedures for carrying out those requirements.

To facilitate compliance, the Commission is recognizing the...

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