SEC Proposes Amendments Related to Security-Based Swap Data Repositories
Commentary by Steven Lofchie
The SEC proposed amendments to Exchange Act Rule 13n-4 ("Duties and Core Principles of Security-Based Swap Data Repository") related to regulatory access to security-based swap data held by security-based swap data repositories.
The proposed rule amendments would (i) implement the conditional Exchange Act requirement that security-based swap data repositories make data available to certain regulators and other authorities, and (ii) set forth a conditional exemption from the statutory indemnification requirement from regulators' obtaining access to the information.
Commentary
It seems a bit odd that the United States appears to be so eager to share financial information with non-U.S. regulators. While there are certain reasons to share selectively, there are also reasons why it may be better not to share broadly.