Securities and Exchange Commission – Federal Register Recent Federal Regulation Documents

The Securities and Exchange Commission (``Commission'') is proposing rules under the Securities Exchange Act of 1934 (``Exchange Act'') to help improve the governance of clearing agencies registered with the Commission (``registered clearing agencies'') by reducing the likelihood that conflicts of interest may influence the board of directors or equivalent governing body (``board'') of a registered clearing agency. The proposed rules would identify certain responsibilities of the board, increase transparency into board governance, and, more generally, improve the alignment of incentives among owners and participants of a registered clearing agency. In support of these objectives, the proposed rules would establish new requirements for board and committee composition, independent directors, management of conflicts of interest, and board oversight.

The Commission intends to rescind an order issued on April 9, 1985, on an application filed by Merrill Lynch Corporate Dividend Fund, Inc., et al. (the ``Applicants''), which granted exemptions from sections 18(f)(1) and 17(f) of the Act (the ``Exemptive Order'').\1\

Pursuant to section 13(n)(5)(G)(v) of the Securities Exchange Act of 1934 (``Exchange Act''), and rule 13n-4(b)(9)(x) thereunder, the Securities and Exchange Commission (``Commission'') is issuing an order determining that it would be appropriate to require security-based swap data repositories to make security-based swap data available to Financial Industry Regulatory Authority (``FINRA'').