Rules Relating to Security-Based Swap Execution and Registration and Regulation of Security-Based Swap Execution Facilities

The Securities and Exchange Commission (“Commission”) has adopted a set of rules (“Regulation SE”) and forms under Section 3D of the Securities Exchange Act of 1934 (“SEA”) that creates a regime for the registration and regulation of security-based swap execution facilities (“SBSEFs”) and address other issues relating to security-based swap (“SBS”) execution generally. Key rules within Regulation SE include Rule 803, which establishes a process for SBSEF registration; Rules 804 to 810, which establish procedures for rule and product filings by SBSEFs; Rules 818 to 831, which implement the 14 Core Principles for SBSEFs set forth in Section 3D(d) of the SEA; Rules 832 to 833, which address cross-border matters relating to SBS execution; and Rule 834, which impose requirements addressing conflicts of interest involving SBSEFs and SBS exchanges, as required by Section 765 of the Dodd-Frank Act. In addition to the rules described above, the Commission is also adopting Form SBSEF, which is the form that an entity will use to register with the Commission as an SBSEF; adopting a submission cover sheet, which will be required to accompany filings with the Commission made by SBSEFs for rule and rule amendments and for product listings; adopting amendments to existing Rule 3a1-1 under the SEA to exempt from the SEA definition of “exchange” registered SBSEFs that provide a market place for no securities other than SBS and certain registered clearing agencies; adopting new Rule 15a-12 under the SEA that, while affirming that an SBSEF also would be a broker under the SEA, would exempt a registered SBSEF from certain broker requirements; providing for the sunsetting of an existing exemption from the requirement to register as a clearing agency for entities performing the functions of an SBSEF but that are not yet registered as such; and adopting new rules and amendments to the Commission’s Rules of Practice, to allow persons who are aggrieved by certain determinations by an SBSEF to apply for review by the Commission and to delegate certain regulatory tasks to various persons and offices within the Commission.

The latest form for Rules Relating to Security-Based Swap Execution and Registration and Regulation of Security-Based Swap Execution Facilities expires 2027-01-31 and can be found here.

Registration (Rule 803, Form SBSEF)

Federal Enterprise Architecture: Economic Development - Financial Sector Oversight

Review document collections for all forms, instructions, and supporting documents - including paper/printable forms.