The SEC reopened the comment period, and requested additional comments, on proposed new rules and amendments to (i) establish capital, margin and segregation requirements for security-based swap dealers ("SBSDs") and major security-based swap participants, and (ii) revise broker-dealer capital requirements relating to the use of security-based swaps.
In October 2012, the SEC proposed capital, margin and segregation requirements for security-based swap dealers and major security-based swap participants that do not have prudential regulators. The comment period has been reopened to (i) solicit feedback on all aspects of the proposals in light of recent regulatory and market developments and (ii) seek comments on aspects of the proposals in the following areas: capital, margin, segregation, substituted compliance, compliance dates and the economic implications of the proposals.
The comment period will be open for 30 days following publication of the release in the Federal Register.
Click here to access Cadwalader's Clients & Friends Memorandum on the SEC release and related security-based swap rulemaking matters.
SEC Commissioner Hester Peirce laid out the Commission's agenda for implementing security-based swap rules under Title VII of Dodd-Frank.
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