News & Analysis as of

Swap Dealers › Dodd-Frank Wall Street Reform and Consumer Protection Act › Securities and Exchange Commission (SEC)

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 -
Latham & Watkins LLP

SEC Launches Regulation for Security-Based Swap Execution Facilities

Latham & Watkins LLP on

Regulation SE, the last of the Title VII Dodd-Frank rulemakings, will become effective on February 13, 2024. The Securities and Exchange Commission (SEC) has taken a significant step in enhancing the regulatory landscape...more

Cadwalader, Wickersham & Taft LLP

Expanding Regulatory Reach over Intermediaries That May Constitute Regulated Exchanges

Cadwalader, Wickersham & Taft LLP on

In response to changes in business practices, regulations and laws eventually change, too.  During the past few years derivatives markets are witnessing this change as it applies to trading facilities as well as to entities...more

Goodwin

SEC to Enhance Its Regulation of Security-Based Swaps

Goodwin on

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

WilmerHale

The Securities and Exchange Commission’s Implementation of Title VII of the Dodd-Frank Act: Reviewing the Status of Security-based...

WilmerHale on

Gary Gensler served as Chair of the Commodity Futures Trading Commission (“CFTC”)from May 26, 2009 to January 3, 2014. He presided over the CFTC during the period that followed the 2008 financial crisis and led the CFTC...more

Hogan Lovells

Understanding the SEC’s new security-based swap dealer regulations - What should commercial end users, funds, and other financial...

Hogan Lovells on

This client alert addresses three aspects of security-based swap (SBS) regulations recently issued by the Securities Exchange Commission (SEC) that are relevant to commercial end users, funds, and other financial end users:...more

Goodwin

ISDA Publishes Dodd-Frank Security-Based Swap Protocol

Goodwin on

On March 15, 2021, ISDA published the ISDA 2021 Security-Based Swaps (SBS) Top-Up Protocol (the SBS Top-Up Protocol). The SBS Top-Up Protocol enables SBS dealers (SBSDs) and other market participants to comply with certain...more

K&L Gates LLP

Deference and Comity: CFTC Approves Cross-Border Swaps Final Rule

K&L Gates LLP on

INTRODUCTION - The Commodity Futures Trading Commission (CFTC or Commission) recently voted 3–2 to approve a final rule (Final Rule) on the cross-border application of certain swap provisions under the Commodity Exchange Act...more

WilmerHale

SEC Adopts Rule Amendments and Guidance Addressing Cross-Border Application of Certain Security-Based Swap Requirements

WilmerHale on

On December 18, 2019, the Securities and Exchange Commission (SEC) adopted a package of rule amendments, guidance and a related order to expand and improve the framework for regulating cross-border security-based swaps,...more

WilmerHale

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

WilmerHale on

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

A&O Shearman

SEC Finalizes Capital, Margin and Segregation Requirements

A&O Shearman on

As a further step towards the implementation of its security-based swap regime, the Securities and Exchange Commission (SEC) has adopted a number of long-awaited capital, margin and segregation requirements for security-based...more

Katten Muchin Rosenman LLP

Financial Markets and Funds - A New Captain at the Helm: The CFTC’s 16-Month Regulatory and Enforcement Agenda Under Chairman...

Katten Muchin Rosenman LLP on

Katten recently hosted the "CFTC Regulatory and Enforcement Agenda" webinar. Financial Markets and Funds partners Kevin Foley, Christian Kemnitz and Carl Kennedy, and special counsel Gary DeWaal, discussed the potential CFTC...more

Orrick - Finance 20/20

SEC Adopts New Rules and Amendments Under Title VII of Dodd-Frank

Orrick - Finance 20/20 on

On September 19, the SEC adopted new rules and amendments under Title VII of the Dodd-Frank Act establishing recordkeeping and reporting requirements for security-based swap dealers and major security-based swap participants,...more

Orrick - Finance 20/20

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

Orrick - Finance 20/20 on

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

K&L Gates LLP

SEC Proposes New Rules for Cross-Border Security-Based Swaps

K&L Gates LLP on

Introduction - On May 10, 2019, the Securities and Exchange Commission (“SEC”) issued proposed rule amendments and interpretive guidance “to improve the framework for regulating cross-border security-based swaps...more

Skadden, Arps, Slate, Meagher & Flom LLP

Recent SEC No-Action, Re-Proposal for Security-Based Swaps Focus on Comparability With Other US Regulators

Skadden, Arps, Slate, Meagher & Flom LLP on

In recent days, the Securities and Exchange Commission (SEC) announced a no-action position on enforcing its 2016 Business Conduct Standards against security-based swap dealers (SBSDs) and major security-based swap...more

Cadwalader, Wickersham & Taft LLP

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

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

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on

Financial Industry Developments - New York Department of Financial Services Promulgates First-in-the-Nation State Cybersecurity Regulation - On February 16, 2017, the New York Department of Financial Institutions...more

Troutman Pepper

Documentation for the New Swap Margin Rules and Thoughts for the Buy Side and End Users

Troutman Pepper on

Because of the implementation of new regulatory requirements relating to both variation and initial margin for swaps, swap documentation for many market participants is about to become much more complicated....more

A&O Shearman

US Commodity Futures Trading Commission Proposes Rule Establishing Minimum Capital Requirements for Swap Dealers

A&O Shearman on

The CFTC issued a proposed rule establishing minimum capital requirements for Swap Dealers and Major Swap Participants. As required by section 731 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the rules...more

WilmerHale

Key Differences Between CFTC and SEC Final Business Conduct Standards and Related Cross-Border Requirements

WilmerHale on

The Securities and Exchange Commission (SEC) recently adopted final business conduct rules for security-based swap dealers (SBSDs) and major security-based swap participants (MSBSPs) under Section 15F(h) of the Securities...more

Morrison & Foerster LLP

A step closer - The SEC still has some work to do to finalise its framework for SBS dealer registration but firms are already...

Morrison & Foerster LLP on

More than six years after the enactment of the Dodd-Frank Act, and more than three years after the US Commodity Futures Trading Commission (CTFC) required swap dealers to register in accordance with Title VII of that Act, it...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Prudential Regulators Extend Swaps Clearing Exemptions and Exceptions to Non-Cleared Swap Margin Requirements"

Skadden, Arps, Slate, Meagher & Flom LLP on

On August 2, 2016, federal banking regulators (Prudential Regulators) adopted a final rule (PR Margin Exemptions) implementing exemptions from the Prudential Regulators’ impending initial and variation margin requirements for...more

WilmerHale

Dodd-Frank Implementation Update: Key Differences Between the CFTC and SEC Final Business Conduct Standards and Related...

WilmerHale on

The Securities and Exchange Commission (SEC) recently adopted final business conduct rules for security-based swap dealers (SBSDs) and major security-based swap participants (MSBSPs) under Section 15F(h) of the Securities...more

Morrison & Foerster LLP

SEC Issues Business Conduct Rules for Security-Based Swap Entities

Morrison & Foerster LLP on

In an important step in the ongoing regulation of the market for security-based swaps (both individually and in the plural, “SBS”), last month the Securities and Exchange Commission (“SEC”) issued its final business conduct...more

Proskauer Rose LLP

U.S. Department of Labor Finalizes Fiduciary Definition and Conflict of Interest Rule

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On April 6, 2015, the U.S. Department of Labor (Department) issued its highly anticipated final rule addressing when a person is considered to be a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA)...more

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