SEC Proposes Access to Swap Data by Regulators

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By Rob Tricchinelli

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

To contact the editor responsible for this story: Phyllis Diamond at

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