Article: SEC Amendments to Regulation SBSR

25 August 2016 | Harvard Law School Feed

Posted by Annette L. Nazareth, Davis Polk & Wardwell LLP, on Thursday, August 25, 2016

Editor's Note:

Annette L. Nazareth is a partner in the Financial Institutions Group at Davis Polk & Wardwell LLP, and a former commissioner at the U.S. Securities and Exchange Commission. The following post is based on a Davis Polk publication by Ms. Nazareth, Gabriel D. Rosenberg, and Lanny A. Schwartz.

On July 14, 2016, the Securities and Exchange Commission adopted amendments to and provided guidance on Regulation SBSR, its rules governing the reporting and public dissemination of security-based swap data. [1] Among other things, the amendments and guidance supplement Regulation SBSR by:

  • assigning reporting duties for platform-executed security-based swaps that will be submitted to clearing and for security-based swaps that have a registered clearing agency as a direct counterparty (“clearing transactions”);
  • establishing reporting requirements for certain cross-border security-based swaps;
  • providing further guidance on the application of Regulation SBSR to bunched orders and prime brokerage arrangements; and
  • prohibiting a registered security-based swap data repository (“SBSDR”) from imposing fees or usage restrictions on data that is required to be publicly disseminated.