On April 6, 2022, the Securities and Exchange Commission (SEC) proposed Regulation SE to modify the registration and regulation of security-based swap execution facilities (SBSEFs). This proposal would fulfill a mandate issued under the Dodd-Frank Act of 2010 requiring the increased regulation of these SBSEFs, and increase transparency in the over-the-counter security market. The SEC has also withdrawn several previously proposed rules regarding the regulation of SBSEFs.
The proposal lays out 17 CFR 242.800 through 835 as steps for registration of SBSEFs with the SEC, and Form SBSEF, which would be used for registration. These rules include details of who needs to file, the processes and procedures for creating filings, and how to handle any cross-border or conflicts of interest which may arise.
There are 4 proposed regulatory changes:
This proposal will be open for 60 days for public comment. These comments may be submitted electronically or via paper with the directions provided in the proposal. Contact our regulatory experts today to learn more about how we can help you with any of your SEC filing needs.