SEC Makes Technical Correction to Final Rule on Recordkeeping and Reporting Requirements for SBSDs
A correction to an SEC final rule establishing recordkeeping and financial reporting requirements for security-based swap dealers ("SBSDs") was published in the Federal Register.
As previously covered, the final rule is applicable to (i) broker-dealers, (ii) SBSDs that are primarily regulated by a "prudential regulator" ("bank SBSDs") and (iii) SBSDs that are neither broker-dealers nor bank SBSDs ("standalone SBSDs").
The final rule became effective on February 14, 2020, and this technical correction is immediately effective. The compliance date is August 14, 2021.
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The SEC final rule establishing recordkeeping and financial reporting requirements applicable to broker-dealers and security-based swap dealers was published in the Federal Register. The final rule becomes effective on February 14, 2020.