SEC Proposes Recordkeeping, Reporting and Notification Requirements for Security-Based Swap Dealers and Major Security-Based Swap Participants
The Securities and Exchange Commission (“SEC”) recently issued a proposal to establish a framework of recordkeeping, reporting and notification requirements for security-based swap dealers (“SBSDs”) and major security-based swap participants (“MSBSPs”). The proposal would also expand the recordkeeping, reporting and notification requirements that currently apply to broker-dealers to cover their security-based swap (“SBS”) activities. This is the first proposed rulemaking related to SBS since the SEC released its proposal for cross-border SBS activities in May of last year.
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