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SEC Commissioner Luis A. Aguilar delivered a speech in which he expressed support for the proposal as seeking to achieve four broad goals. These goals are as set out below: The rules would augment the financial stability of nonbank security-based swap dealers and nonbank major security-based swap participants by setting minimum capital requirements for these entities, and by imposing minimum liquidity requirements on those dealers that calculate net capital using models. The rules seek to prevent the build-up of large, AIG-style, uncollateralized exposures in uncleared security-based swaps by

In accordance with Dodd-Frank, the SEC is proposing capital and margin requirements for security-based swap dealers ("SBSDs") and major security-based swap participants ("MSBSPs"), segregation requirements for SBSDs, and notification requirements with respect to segregation for SBSDs and MSBSPs. The SEC also is proposing to increase the minimum net capital requirements for broker-dealers permitted to use the alternative internal model-based method for computing net capital. The SEC's proposed rules are intended to accomplish the following: Set minimum capital requirements for security-based

Technical corrections are being made to SEC Release 77 FR 70213 , which proposed capital and margin requirements for security-based swap dealers ("SBSDs") and major security-based swap participants ("MSBSPs"). The release also proposed segregation requirements for SBSDs and notification requirements with respect to segregation for SBSDs and MSBSPs, as well as increases to the minimum net capital requirements for broker-dealers permitted to use the alternative internal model-based method for computing net capital. Cross-Reference(s) : Dodd-Frank Section 763 (Amendments to the Securities

SIFMA has submitted comments to the SEC requesting an extension of the comment period for the SEC’s proposal on the capital, margin, and segregation requirements for security-based swap dealers and major security-based swap participants. The letter presents several bases for an extension, including the complexity of the rules and providing market participants an opportunity to comment in light of Basel and IOSCO recommendations on margin that are expected to be published soon. Click here to view request in full (links externally to SIFMA website).

On November 23, 2012, the SEC published in the Federal Registera proposed rule for public comment to establish capital, margin, and segregation requirements for security-based swap dealers and major security-based swap participants under the Exchange Act and amend capital requirements for broker-dealers. Comments Due : February 22, 2013. Click here to view release in full (links externally to SEC website).