News & Analysis as of September 24, 2024

Swap Dealers › Major Swap Participants › Security-Based Swaps

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Swap Dealers are individuals or entities who "hold themselves out as dealers in swaps, make markets in swaps, regularly enter into swaps with counterparties as an ordinary course of business for its own... more +

Swap Dealers are individuals or entities who "hold themselves out as dealers in swaps, make markets in swaps, regularly enter into swaps with counterparties as an ordinary course of business for its own account, or engage in any activity causing the individual or entity to be come commonly known in the trade as a dealer or market maker of swaps." Swap Dealers are defined under the Commodity and Exchange Act and must register as such under the Commodity Futures Trading Commission's Final Rules. less -

SEC to Enhance Its Regulation of Security-Based Swaps

Goodwin on 2/14/2023

As we have previously discussed, the SEC’s Fall 2022 “Reg Flex” Agenda charts the agency’s planned rulemaking through Q1 2023. Among this ambitious and wide-reaching agenda are two important final rulemakings concerning the...more

SEC Proposes Rules for Security-Based Swaps Prohibiting Fraud and Manipulation

Morgan Lewis on 12/21/2021

The US Securities and Exchange Commission proposed new rules on December 15, 2021, with respect to security-based swaps that, if adopted as proposed, would prohibit fraud and manipulation, require reporting of large...more

Security-Based Swap Rules for End-Users

Sheppard Mullin Richter & Hampton LLP on 11/4/2021

As of November 1, 2021, dealers in security-based swaps (“SBS”) whose dealing activity exceeds certain de minimis thresholds (e.g., gross notional amount of $3 billion for credit default SBS, $150 million for other SBS, and...more

CFTC Approves Final Rule on Post-Trade Name Give-Up on Swap Execution Facilities

A&O Shearman on 9/24/2020

The CFTC has adopted a final rule to prohibit the controversial practice of post-trade name give-up for swaps that are executed anonymously through a Swap Execution Facility (SEF) and are intended to be cleared. Although the...more

The SEC Adopts Security-Based Swap Rules Governing Risk Mitigation Techniques for Uncleared Security-Based Swaps

WilmerHale on 2/13/2020

On December 18, 2019, the Securities and Exchange Commission (the SEC or Commission) adopted new rules pursuant to Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) requiring the...more

The SEC Adopts Security-Based Swap Rules Governing Capital, Margin and Segregation

WilmerHale on 7/23/2019

On June 21, 2019, the Securities and Exchange Commission (SEC or Commission) adopted a package of rules and rule amendments (Rules) that set forth the capital, margin and segregation requirements for security-based swap...more

SEC Adopts New Rules Affecting Security-Based Swap Dealers and Major Security-Based Swap Participants

Orrick - Finance 20/20 on 7/3/2019

On June 21, the Securities and Exchange Commission (SEC) adopted new rules and rule amendments to establish capital, margin and segregation requirements under Title VII of the Dodd-Frank Act. ...more

The SEC Adopts Security-Based Swap Regulations Governing Capital, Margin and Collateral Segregation

Cadwalader, Wickersham & Taft LLP on 6/27/2019

The Securities and Exchange Commission ("SEC") has adopted rules under the Securities Exchange Act (the "SEA") establishing (i) capital and margin requirements applicable to broker-dealers entering into security-based swaps...more

Definitely Maybe? The SEC Returns to Security-Based Swap Dealer Regulation

Cadwalader, Wickersham & Taft LLP on 10/15/2018

The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) was signed into law eight years ago. ...more

The SEC’s Final Rule Regarding Price Quotes and Research Reports Relating to Security-Based Swaps

Morrison & Foerster LLP on 1/31/2018

This month the Securities and Exchange Commission (“SEC”) issued a final rule (the “Final Rule”) that provides that certain communications relating to security-based swaps (either singular or plural, “SBS”) will not...more

Insurance Companies Need to Prepare for Swap Margin Rules in Effect on March 1, 2017

Holland & Knight LLP on 2/7/2017

March 1, 2017, is the scheduled implementation date applicable for all insurance companies for the mandatory posting of variation margin to their swap dealer counterparties under U.S. margin rules. Although the...more

Mandatory Margin Posting Regulations Coming Soon for Uncleared Swaps

Akerman LLP on 3/4/2016

U.S. bank regulators recently adopted final rules establishing initial and variation margin requirements for uncleared swaps (Final Margin Rules). These rules apply to regulated entities such as banks and subsidiaries of bank...more

"SEC Finalizes Registration Rules for Security-Based Swap Entities"

Skadden, Arps, Slate, Meagher & Flom LLP on 8/13/2015

On August 5, 2015, the Securities and Exchange Commission (SEC) adopted final registration rules for security-based (SB) swap dealers and major SB swap participants (collectively SBS Entities). Concurrently, the SEC also...more

SEC Adopts Registration Rules for Security-Based Swap Dealers and Major Security-Based Swap Participants

Katten Muchin Rosenman LLP on 8/12/2015

On August 5, the Securities and Exchange Commission adopted new registration rules for security-based swap dealers and major security-based swap participants (SBS entities). In general, an SBS entity would register by filing...more

SEC Proposes Rules for Security-based Swap Activity of Non-US Persons in the United States

Katten Muchin Rosenman LLP on 5/12/2015

On April 29, the Securities and Exchange Commission (SEC) proposed some additional rules for security-based swaps (SBS) that reflect a firm belief (shared by the Commodity Futures Trading Commission) that derivatives activity...more

OCC Proposes Rule on Margin and Capital Requirements for Covered Swap Entities

Orrick - Finance 20/20 on 10/15/2014

October 6, the OCC released a notice of proposed rulemaking to establish minimum requirements for the exchange of initial and variation margin between registered swap dealers, major swap participants, security-based swap...more

SEC Proposes New Rule on Communications Involving Security-Based Swaps

Orrick - Finance 20/20 on 9/23/2014

On September 8, the SEC proposed a new rule that certain communications involving security-based swaps that may be purchased only by eligible contract participants will not be deemed for purposes of Section 5 of the...more

Bank Regulators Propose Relaxed Margin Requirements for Corporate End Users of Uncleared Swaps

Stinson - Corporate & Securities Law Blog on 9/10/2014

Five federal agencies have taken a second stab at a proposed rule to establish margin requirements for swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants as...more

SEC Adopts Final Rules and Guidance Regarding the Cross-Border Application of “Security-Based Swap Dealer” and “Major...

Morrison & Foerster LLP on 7/7/2014

Nearly four years after the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”), on June 25, 2014, the Securities and Exchange Commission (“SEC”) adopted its first in a series of...more

Orrick's Financial Industry Week in Review

Orrick, Herrington & Sutcliffe LLP on 4/22/2014

European Banking Authority Publishes Opinion on European Commission's Proposed Amendments to ITS - On April 16, the European Banking Authority (EBA) published via its website an opinion dated April 4, 2014 on...more

Corporate and Financial Weekly Digest - April 12, 2013

Katten Muchin Rosenman LLP on 4/15/2013

In this issue: - SEC and CFTC Adopt Joint Rules to Help Protect Investors from Identity Theft - CME Block Trade Advisories Clarify Nonpublic Information Restrictions - CFTC Staff Issues No-Action Letters ...more

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