Page 73 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

起草该提案时，SEC 试图尽可能地与 CFTC 管理互换执行设施（SEFs）和

互换执行的并行规则总体上相一致；SEC 试图取得与 CFTC 制度下相当的监管利

益，同时尽量减少对 SBSEFs 及其成员施加的成本。

SEC 此前曾在 2010 年至 2013 年期间分别发布了有关 SBSEFs 的规则草案。

考虑到自发布后已过去很长时间，并且在此期间市场发生了重大变化，SEC 将撤

回之前提出的所有关于 SBSEFs 的规则草案、修正案和解释。

SEC Proposes Rules for the Registration and Regulation of Security-Based Swap

Execution Facilities （2022/4/6）

The Securities and Exchange Commission today proposed new Regulation SE

under the Securities Exchange Act of 1934 (the Exchange Act) to create a regime for
the registration and regulation of security-based swap execution facilities (SBSEFs).

The new regulatory framework was one of the major reforms required under Title VII

of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank

Act) relating to the over-the-counter derivatives market.

"This proposal would increase the transparency and integrity of the traditionally

opaque over-the-counter security-based swap market, fulfilling a mandate under the

Dodd-Frank Act of 2010 to register and regulate the platforms that trade these

instruments," said SEC Chair Gary Gensler. "Among other things, today’s proposal

would create a framework for the registration of security-based swap execution

facilities, based upon the 14 core principles for these entities spelled out in the

Dodd-Frank Act. This framework would harmonize with the swap execution facility

framework promulgated by our sibling agency, the Commodity Futures Trading

Commission."

If adopted, today’s proposal would implement the Exchange Act’s trade

execution requirement for security-based swaps and address the cross-border

application of that requirement; implement Section 765 of the Dodd-Frank Act to

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