Alert November 23, 2010

SEC Proposes Rules Governing the Reporting of Security-Based Swap Transaction Information

Pursuant to mandates under the Dodd-Frank Act, the SEC issued two rule proposals relating to its oversight of security-based swaps (“SBS”).  The first addresses the SEC registration process for security-based swap data repositories (“SDRs”), which will receive SBS transaction information from market participants, and outlines the proposed duties of SBRs, including recordkeeping and providing access and reports to regulators.  The second would provide for reporting of SBS information to registered SDRs or the SEC and the public dissemination of SDR transaction, volume, and pricing information.  Comments on each proposal are due within 45 days of its publication in the Federal Register.