New SEC Rules Increase Transparency in Security-Based Swap Market

The rules, mandated under Title VII of the Dodd-Frank Act and known as Regulation SBSR, require security-based data repositories (SDRs) to register with the SEC and implement reporting and public dissemination requirements for security-based swap transaction data. Click here to read the entire regulation.

The SEC also proposed amendments and guidance around the reporting and public disseminations of security-based swap transaction data.

"These rules go to the core of derivatives reform by establishing a strong foundation for transparency and efficiency in the market," SEC Chair Mary Jo White said in a statement. "They provide a powerful framework for trade reporting and the public dissemination of information that addresses blind spots exposed by the financial crisis."

The global legal identifier system will serve as the way security-based swap counterparties obtain codes to identify themselves when reporting security-based swap data under the new regulation.

The new rules will be effective 60 days after being published in the Federal Register. Those required to register SDRs have 365 days to comply after the regulation is published in the Federal Register.