Securities and Exchange Commission October 2019 – Federal Register Recent Federal Regulation Documents

The Commission is correcting a final rule that appeared in the Federal Register on August 22, 2019. In the document, the Commission adopted capital and margin requirements for security-based swap dealers (``SBSDs'') and major security-based swap participants (``MSBSPs''), segregation requirements for SBSDs, and notification requirements with respect to segregation for SBSDs and MSBSPs in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The Securities and Exchange Commission (``Commission'' or ``SEC'') is proposing to amend Regulation NMS under the Securities Exchange Act of 1934 (``Exchange Act'') to rescind a provision that allows a proposed amendment to a national market system plan (``NMS plan'') to become effective upon filing if the proposed amendment establishes or changes a fee or other charge. As a result of rescinding the provision, such a proposed amendment instead would be subject to the procedures set forth in Rule 608(b)(1) and (2) that require the Commission to publish the proposed amendment, provide an opportunity for public comment, and preclude a proposed amendment from becoming effective unless approved by the Commission (the ``standard procedure'').

Pursuant to Section 15(a)(2) of the Securities Exchange Act of 1934 (``Exchange Act'') and Section 36(a)(1) of the Exchange Act, the Securities and Exchange Commission (``SEC'' or ``Commission'') is proposing to grant exemptive relief, subject to certain conditions, to permit municipal advisors registered with the Commission under Section 15B of the Exchange Act to engage in certain limited activities in connection with the direct placement of municipal securities without registering as a broker under Section 15 of the Exchange Act.