SEC Adopts Rules Regarding Reporting and Dissemination of Security-Based Swap

April 20, 2015

On February 11, 2015, the U.S. Securities and Exchange Commission (“SEC”) adopted final rules regarding the regulatory reporting and public dissemination of security-based swap information under the Securities Exchange Act of 1934. The rules were issued pursuant to Sections 763 and 766 of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The final rules are based on a December 2010 proposal and a May 2013 re-proposal. At the same time, the SEC also proposed additional rules, rule amendments, and guidance that would address, among other matters, the duties of certain reporting parties and security-based swap data repositories and an interim compliance schedule for certain provisions of the final rules.

In our memo, we provide a summary and analysis of the key provisions of the final and proposed rules, including a comparison of the SEC’s security-based swap reporting requirements and the U.S. Commodity Futures Trading Commission’s swap reporting rules.