Securities and Exchange Commission Reopens Comment Period on Capital, Margin and Segregation Requirements for Security-Based Swap Dealers and Major Security-Based Swap Participants

The U.S. Securities and Exchange Commission has voted to reopen the comment period and request additional comments on proposals for capital, margin and segregation requirements for security-based swap dealers (SBSDs) and major security-based swap participants (MSBSPs) and capital requirements for broker-dealers.  The Commission approved the measure by a 4-1 vote, with only Commissioner Robert Jackson Jr. dissenting. 

The Commission initially published in 2012 a proposal on capital and margin requirements for non-bank SBSDs and MSBSPs, and segregation requirements for all SBSDs.  The Commission published proposed provisions to establish the cross-border treatment of these rules in 2013 and an additional capital requirement for nonbank SBSDs in 2014.  By reopening the comment period, the Commission stated that it is looking to provide market participants with an opportunity to provide comments that account for regulatory and market developments since the initial publication of the proposals, as well as the potential economic effects of the proposals in light of such developments.  The Commission has previously indicated that it intends to finalize these rules prior to commencing registration of SBSDs and MSBSPs.

The Commission highlighted several questions and potential modifications to the proposed rules on which it would like specific comment, including in connection with the capital, margin, segregation, substituted compliance, compliance dates and the economic implications of the proposals. 

All comments must be received within 30 days of the release’s publication in the Federal Register.

View the Commission's release.

View the Commission's press release.

View Chairman Clayton's statement.

View Commissioner Peirce's statement.

View Commissioner Roisman's statement. 

View Commissioner Stein's statement. 

View Commissioner Jackson's statement. 

Return to main website.