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03 February 2011

SEC schlägt Regeln für wertpapierbasierte Swap Ausführungseinrichtungen vor


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The Securities and Exchange Commission voted unanimously to propose rules defining security-based swap execution facilities (SEFs) and establishing their registration requirements, as well as their duties and core principles.


 The Dodd-Frank Wall Street Reform and Consumer Protection Act authorized the SEC to implement a regulatory framework for security-based swaps, which currently trade exclusively in the over-the-counter markets with little transparency or oversight.

The Dodd-Frank Act sought to move the trading of security-based swaps onto regulated trading markets, and therefore created security-based SEFs as a new category of market intended to provide more transparency and reduce systemic risk.

"Our objective here is to provide a framework that allows the security-based swap market to continue to develop in a more transparent, efficient, and competitive manner," said SEC Chairman Mary L. Schapiro. "This is an important and complex undertaking that adds a significant new component to the regulatory framework for over-the-counter derivatives."

The Commission's proposed rules:
- interpret the definition of "security-based SEFs" as set forth in Dodd-Frank;
- set out the registration requirements for security-based SEFs;
- implement the 14 core principles for security-based SEFs that the legislation outlined;
- establish the process for security-based SEFs to file rule changes and new products with the SEC; and
- exempt security-based SEFs from the definition of "exchange" and from most regulation as a broker.

Public comments on the rule proposal should be received by the Commission by April 4, 2011.

Press release




© SEC


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