The SEC extended an exemption for security-based swap data
repositories ("SDRs") from compliance with rules that
govern the SDR registration process, duties and core principles
Title VII of the Dodd-Frank Act (see
previous coverage). According to the SEC Order, the extension
allows additional time for the SEC to consider pending applications
from DTCC Data Repository (U.S.) LLC and ICE Trade Vault, LLC, each
of which intend to file amended applications. As a result, the
extended exemptions will run until the later of (i) May 1, 2017, or
(ii) for any pending applicant that files amendments before May 1,
2017 to an application with the SEC, September 29, 2017.
This action effectively extends the overall compliance schedule
for reporting security-based swap ("SBS") transactions.
In accordance with the compliance schedule adopted by the SEC, market
participants will be required to report trades in security-based
swaps beginning on the later of (i) one month after security-based
swap dealers are required to register (a date that is itself
triggered by the completion of a series of SEC rules) and (ii)
six months after a registered SDR begins accepting
reports in an asset class. As such, under the revised Order, it
appears likely that reporting will not begin until 2018.
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guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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