Securities Law Daily provides daily coverage of developments in the regulation of federal, state, and international securities and futures trading, with objective coverage of the...
Sept. 4 — The Securities and Exchange Commission proposed a Dodd-Frank rule Sept. 4 that would require security-based swap data repositories to make data available to federal regulators.
The regulators under the SEC's proposal include the Federal Reserve, Commodity Futures Trading Commission, Financial Stability Oversight Council. The proposal reserves the SEC the right to expand the regulators.
Access to the data by regulators requires them, under the 1934 Securities Exchange Act, to indemnify the repository for any litigation expenses that arise as a result of the data being disclosed.
The agency also proposed to exempt some regulators from that indemnification requirement.
“Requiring authorities to agree to provide indemnification could lead to negative consequences in practice,” the SEC said in a release. “Application of the indemnification requirement may chill some requests by regulators or other authorities for access to security-based swap data, which would hinder those authorities’ ability to address their own regulatory mandate or legal responsibility or authority.”
The proposal was authorized by Section 763(i) of Dodd-Frank and was not made in a public meeting. The agency is accepting comments on the proposal for 45 days after it is published in the Federal Register.
To contact the reporter on this story: Rob Tricchinelli in Washington email@example.com
To contact the editor responsible for this story: Phyllis Diamond at firstname.lastname@example.org
For the proposal, visit http://www.sec.gov/rules/proposed/2015/34-75845.pdf
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)