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Published by: MarketsWiki on May 02, 2013
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SECURITIES AND EXCHANGE COMMISSION17 CFR Parts 240, 242, and 249Release No. 34-69490; File Nos.S7-02-13; S7-34-10; S7-40-11RIN 3235-AL25Cross-Border Security-Based Swap Activities; Re-Proposal of Regulation SBSR andCertain Rules and Forms Relating to the Registration of Security-Based Swap Dealers andMajor Security-Based Swap ParticipantsAGENCY:
Securities and Exchange Commission.
Proposed rules; proposed interpretations.
The Securities and Exchange Commission (“SEC” or “Commission”) is publishing for public comment proposed rules and interpretive guidance to address theapplication of the provisions of the Securities Exchange Act of 1934, as amended (“ExchangeAct”), that were added by Subtitle B of Title VII of the Dodd-Frank Wall Street Reform andConsumer Protection Act (“Dodd-Frank Act”), to cross-border security-based swap activities.Our proposed rules and interpretive guidance address the application of Subtitle B of Title VII of the Dodd-Frank Act with respect to each of the major registration categories covered by Title VIIrelating to market intermediaries, participants, and infrastructures for security-based swaps, andcertain transaction-related requirements under Title VII in connection with reporting anddissemination, clearing, and trade execution for security-based swaps. In this connection, we arere-proposing Regulation SBSR and certain rules and forms relating to the registration of security-based swap dealers and major security-based swap participants. The proposal alsocontains a proposed rule providing an exception from the aggregation requirement, in the contextof the security-based swap dealer definition, for affiliated groups with a registered security-basedswap dealer. Moreover, the proposal addresses the sharing of information and preservation of confidentiality with respect to data collected and maintained by SDRs. In addition, theCommission is proposing rules and interpretive guidance addressing the policy and proceduralframework under which the Commission would consider permitting compliance with comparableregulatory requirements in a foreign jurisdiction to substitute for compliance with requirementsof the Exchange Act, and the rules and regulations thereunder, relating to security-based swaps(i.e., “substituted compliance”). Finally, the Commission is setting forth our view of the scopeof our authority, with respect to enforcement proceedings, under Section 929P of the Dodd-Frank Act.
Comments may be submitted by any of the following methods:Electronic comments:
Use the Commission’s Internet comment form(http://www.sec.gov/rules/proposed.shtml);
Send an e-mail to rule-comments@sec.gov. Please include File Number S7-02-13, andFile Numbers S7-34-10 (Regulation SBSR) and/or S7-40-11 (registration of security- based swap dealers and major security-based swap participants), as applicable, on thesubject line; or 
Use the Federal eRulemaking Portal(http://www.regulations.gov). Follow the instructions for submitting comments.Paper comments:
Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities andExchange Commission, 100 F Street, NE, Washington, DC 20549-1090.All submissions should refer to File Number S7-02-13, and File Numbers S7-34-10 (RegulationSBSR) and/or S7-40-11 (registration of security-based swap dealers and major security-basedswap participants), as applicable. This file number should be included on the subject line if e-mail is used. To help us process and review your comments more efficiently, please use onlyone method. The Commission will post all comments on the Commission’s Internet website(http://www.sec.gov/rules/proposed.shtml). Comments also are available for website viewing and printing in the Commission’s Public Reference Room, 100 F Street, NE, Washington, DC20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. All commentsreceived will be posted without change; we do not edit personal identifying information fromsubmissions. You should submit only information that you wish to make available publicly.
: Matthew A. Daigler, Senior SpecialCounsel, at 202-551-5578, Wenchi Hu, Senior Special Counsel, at 202-551-6268, Richard E.Grant, Special Counsel, at 202-551-5914, or Richard Gabbert, Special Counsel, at 202-551-7814,Office of Derivatives Policy, Division of Trading and Markets, regarding security-based swapdealers and major security-based swap participants; Jeffrey Mooney, Assistant Director,Matthew Landon, Senior Special Counsel, or Stephanie Park, Special Counsel, Office of Clearance and Settlement, Division of Trading and Markets, at 202-551-5710, regardingsecurity-based swap clearing agencies, security-based swap data repositories, and the security- based swap clearing requirement; David Michehl, Senior Counsel, Office of Market Supervision,Division of Trading and Markets, at 202-551-5627, regarding security-based swap reporting;Leah Mesfin, Special Counsel, at 202-551-5655, or Michael P. Bradley, Special Counsel, at 202-551-5594, Office of Market Supervision, Division of Trading and Markets, regarding the tradeexecution requirement and swap execution facilities; Securities and Exchange Commission, 100F Street, NE, Washington, DC 20549-7010.
: The Commission is proposing new rules andinterpretive guidance under the Exchange Act relating to the application of Subtitle B of TitleVII of the Dodd-Frank Act to cross-border activities and re-proposing Regulation SBSR andcertain rules and forms relating to the registration of security-based swap dealers and major security-based swap participants.
3The Commission is proposing the following rules under the Exchange Act: Rule 0-13(Substituted Compliance Request Procedure); Rule 3a67-10 (Foreign Major Security-BasedSwap Participants); Rule 3a71-3 (Cross-Border Security-Based Swap Dealing Activity); Rule3a71-4 (Exception from Aggregation for Affiliated Groups with Registered Security-Based SwapDealers); Rule 3a71-5 (Substituted Compliance for Foreign Security-Based Swap Dealers); Rule3Ca-3 (Application of the Mandatory Clearing Requirement to Cross-Border Security-BasedSwap Transactions); Rule 3Ch-1 (Application of the Mandatory Trade Execution Requirement toCross-Border Security-Based Swap Transactions); Rule 3Ch-2 (Substituted Compliance for Mandatory Trade Execution); Rule 13n-4(d) (Exemption from the IndemnificationRequirement); Rule 13n-12 (Exemption from Requirements Governing Security-Based SwapData Repositories for Certain Non-U.S. Persons); Rule 18a-4(e) (Segregation Requirements for Foreign Security-Based Swap Dealers); and Rule 18a-4(f) (Segregation Requirements for Foreign Major Security-Based Swap Participants). The Commission also is re-proposing thefollowing rules and forms: 17 CFR §§ 242.900 – 242.911 (Regulation SBSR) (RIN 3235-AK80)and 17 CFR §§ 249.1600 (Form SBSE), 249.1600a (Form SBSE-A), and 249.1600b (FormSBSE-BD) (RIN 3235-AL05).

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