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Alternative Market Briefing

SEC proposes new swaps rules, opens public comment period

Thursday, October 18, 2012

Bailey McCann, Opalesque New York: The Securities and Exchange Commission (SEC) today voted unanimously to propose capital, margin, and segregation requirements for security-based swap dealers and major security-based swap participants. The proposed rules follow the approval of similar swaps rules by the Commodities Futures Trading Commission (CFTC), previously reported by Opalesque in August. The rules are part of an ongoing, coordinated federal effort to implement mandates outlined in the Dodd-Frank Wall Street Reform and Consumer Protection Act, which authorizes the SEC and other regulators to put in place a comprehensive framework for regulating the over-the-counter swaps markets.

Under the Dodd-Frank Act, the SEC must impose margin and capital requirements to help ensure the safety and soundness of security-based swap dealers and major security-based swap participants. The margin rules are required to be appropriate for the risk associated with security-based swaps that are not "cleared" by a security-based swap clearing agency. The proposed segregation rules are intended to facilitate the prompt return of customer property to customers before or during a liquidation proceeding if a security-based swap dealer fails.

The regulator has opened a 60 public comment period on the proposed rules, interested parties may comment through an online form. The S......................

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