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Securities & Derivatives Enforcement and Regulatory and OTC Derivatives Update

Security-Based Swap Rules Back on Track: SEC Reopens Comment Period for Proposals

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Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) gives the U.S. Securities and Exchange Commission (SEC) jurisdiction over security-based swaps (SBS) and SBS market participants and requires the SEC to adopt rules to regulate this market. To date the SEC has proposed, but not yet finalized, certain of its key Title VII regulations.

A critical component of the SEC’s Title VII regulatory framework is the registration and comprehensive regulation of SBS dealers (SBS Dealers).1 Implementation of these regulations has been stalled over the past several years pending the SEC’s finalization of certain SBS Dealer regulations, including capital, margin and segregation requirements that were originally proposed in October 2012.

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