Swaps dealers would be required to maintain daily security-based trading records under proposed rules announced by the SEC on Wednesday.
The proposed rules include new record-keeping, reporting and notification requirements for security-based swap dealers and major security-based swap participants, and would establish additional record-keeping requirements for broker-dealers to account for their security-based swap activities.
The rules will provide “a comprehensive framework to regulate the over-the-counter swaps and security-based swaps markets,” as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, according to the Securities and Exchange Commission.
The complete proposal is on the SEC's website.
The SEC will seek public comment on the proposal for 60 days once it's published in the Federal Register. The agency said it welcomes alternate suggestions that could be used to design a record-keeping, reporting, notification and securities count program for swaps dealers and participants.
