On June 28, the SEC finalized rules addressing how clearing agencies will provide information to regulators about the security-based swaps the plan to accept for clearing. A major tenet of the Dodd Frank Act is the requirement that standardized swaps and security-based swaps be cleared through centralized clearing houses.
In addition to the rules laying out clearing submissions, the SEC also approved another set of rules that define and describe when clearinghouses deemed to be "systemically important" need to file certain advanced notices to regulators. Such clearing agencies will have to submit advance notice of changes to their rules, procedures or operations if the changes could substantially affect the nature or level of risk at those clearing agencies.
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