Securities and Exchange Commission February 28, 2011 – Federal Register Recent Federal Regulation Documents

Sunshine Act Meeting
Document Number: 2011-4500
Type: Notice
Date: 2011-02-28
Agency: Securities and Exchange Commission, Agencies and Commissions
Registration and Regulation of Security-Based Swap Execution Facilities
Document Number: 2011-2696
Type: Proposed Rule
Date: 2011-02-28
Agency: Securities and Exchange Commission, Agencies and Commissions
In accordance with Section 763 (``Section 763'') of Title VII (``Title VII'') of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (``Dodd-Frank Act''), the Securities and Exchange Commission (``SEC'' or ``Commission'') is proposing Regulation SB SEF under the Securities Exchange Act of 1934 (``Exchange Act'') that is designed to create a registration framework for security-based swap execution facilities (``SB SEFs''); establish rules with respect to the Dodd-Frank Act's requirement that a SB SEF must comply with the fourteen enumerated core principles (``Core Principles'') and enforce compliance with those principles; and implement a process for a SB SEF to submit to the Commission proposed changes to the SB SEF's rules. The Commission also is proposing an interpretation of the definition of ``security-based swap execution facility'' set forth in Section 3(a)(77) of the Exchange Act to provide guidance on the characteristics of those systems or platforms that would satisfy the statutory definition. In addition, the Commission is proposing to amend Rule 3a-1 under the Exchange Act to exempt a registered SB SEF from the Exchange Act's definition of ``exchange'' and to add Rule 15a-12 under the Exchange Act to exempt, subject to certain conditions, a registered SB SEF from regulation as a broker pursuant to Section 15(b) of the Exchange Act.