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  • Jul 02, 2012|DerivAlert

    SEC Adopts New Procedures for Reviewing Clearing Swaps under Dodd-Frank Act

    The SEC finalized rules on Thursday, June 28th, that will help the agency determine clearing requirements for swaps. The SEC rules detail how clearing agencies will provide information to regulators about swaps submissions for clearing. The information will aid the SEC in determining whether such security-based swaps are required to be cleared.

    In addition, the SEC approved another set of rules that define and describe “when clearinghouses deemed to be "systemically important" need to file certain advanced notices to regulators.”

    According to a Reuters article on the rule-making:

    “Those systemically important clearing agencies will need to let regulators know if they plan to make changes to their risk management processes, or changes that affect their core clearing and settlement functions.”

    Following is a link to the SEC Final Rule and Fact Sheet: Procedures for Reviewing Clearing Submissions Under Dodd-Frank Act



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