On Jan. 14, the Securities and Exchange Commission adopted rules that require security-based swap data repositories (SDRs) to register with it and meet new reporting, recordkeeping, and transparency requirements for transaction data. At the time, Commissioners Daniel Gallagher and Michael Piwowar dissented. On Wednesday, citing a flawed comment letter process, they renewed their objections and slammed “a significant failure of our internal processes.” They have also expressed concerns with a separate rule proposal from earlier in the week.
Piwowar and Gallagher, the two Republicans on the Commission, announced that the nearly three-week delay in publishing Regulation SBSR was due to the discovery that “an extensive comment letter” was inadvertently left out of the publicly available comment file. “This letter was neither...
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