Wednesday, May 12. 2021
SEC Approves Registration of First Security-Based SDR, Sets First Compliance Date for Regulation SBSR
Implementing Regulation SBSR fulfills important requirements set forth in the Dodd-Frank Act, in as much as it:
- establishes a centralized database of security-based swap transactions, which is an important reform that facilitates understanding these markets (for surveillance and enforcement)
- facilitates public reporting of security-based swap transactions, which brings much-needed transparency to these markets
The recent measures taken by the SEC set November 8, 2021 as the first compliance date for Regulation SBSR, which: 1) oversees regulatory reporting and publication of security-based swap transactions; 2) is an important part of the security-based swap regulatory regime established by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and 3) provides for the reporting of security-based swap data to registered SDRs and for public distribution of transaction, volume, and pricing information.
Pursuant to Regulation SBSR, this November 8 compliance date represents the first Monday that is the later of the following:
- six months after the May 7, 2021 registration date for the first SDR that can accept transaction reports in a particular asset class
- one month after the October 6, 2021, compliance date for registration of security-based swap entities
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