Most swaps trades will have to be reported to the public under rules approved by the SEC on Wednesday.
The Securities and Exchange Commission approved new record-keeping, reporting and notification requirements for security-based swap dealers and major security-based swap participants, as well as additional record-keeping requirements for broker-dealers to account for their security-based swap activities, an SEC news release said.
The 21 rules “lay out a framework” for swap dealers to file their information with the SEC and creates a process allowing the commission to cancel or revoke dealers' registration.
The rules were mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act for regulation of the over-the-counter swaps and security-based swaps markets, according to the SEC. The rules were originally proposed by the SEC in April and were posted for public comment.
Similar rules already have been approved by the Commodity Futures Trading Commission.
The rules are effective 60 days after their publication in the Federal Register, with compliance required within a year after the publication.