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MFDF - Mutual Fund Directors Forum - October 13 SEC Open Meeting on Swaps

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October 13 SEC Open Meeting on Swaps

The SEC will hold an open meeting on October 13 to consider proposing rules governing securities based swaps.  The Commission will also consider whether to adopt interim final rules related to swaps recordkeeping.  These rules are being considered pursuant to the Dodd-Frank legislation, and if approved for proposal, will likely have 30-day comment periods.  The agenda for the October 13 open meeting will include:

  1. The Commission will consider whether to adopt an interim final temporary rule under Section 766 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203, to provide for the reporting of certain security-based swap transactions and including an interpretive note regarding retention and recordkeeping requirements for certain security-based swap transactions.
  2. The Commission will consider whether to propose Regulation MC pursuant to Section 765 of the Dodd-Frank Act to mitigate conflicts of interest at security-based swap clearing agencies, security-based swap execution facilities, and national security exchanges that post or make available for trading security-based swaps.
  3. The Commission will consider whether to propose rules that would implement Section 945 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which requires an issuer of asset-backed securities (ABS) to perform a review of the assets underlying the ABS and disclose information relating to the review. The Commission will also consider whether to propose rules that would implement Section 15E(s)(4)(A) of the Exchange Act as added by Section 932 of the Act, which requires an ABS issuer or underwriter to make publicly available the findings and conclusions of any third-party due diligence report.

This meeting will take place at the SEC's Washington, DC headquarters, located at 100 F Street NE.  The meeting is scheduled to begin at 10:00AM, and will be open to the public.  The meeting will also be webcast live via a link on www.sec.gov

The full text of the Commission's Sunshine Act notice for this meeting is available at:  http://sec.gov/news/openmeetings/2010/ssamtg101310.htm