Comment Deadline Set for SEC Proposal on Reporting Requirements for SBS Transactions
The SEC published in the Federal Register proposed rule changes to reporting requirements for security-based swap ("SBS") transactions. Comments on the proposal are due by March 21, 2022.
As previously covered, the SEC proposed three new rules relating to SBSs: (i) an anti-fraud rule (a revised and re-proposed version of a 2010 proposed rule); (ii) a rule to require reporting of large positions in SBSs; and (iii) a rule prohibiting personnel of an SBS entity from taking any action to improperly interfere with the SBS entity's chief compliance officer in the performance of such person's duties.
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The SEC proposed three new rules relating to security-based swaps: (1) an anti-fraud rule, (2) a rule to require reporting of large positions in security-based swaps, and (3) a rule prohibiting personnel of an SBS entity from taking any action to improperly interfere with the SBS entity's CCO in the performance of such persons duties.
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SEC Commissioners Allison Herren Lee and Caroline A. Crenshaw urged continued careful monitoring of the security-based swap regulatory regime.