SEC Meeting to Consider Security-Based Swaps and Asset-Backed Securities
The SEC has posted a Sunshine Act Notice related to an open meeting to be held on October 13, 2010. The following matters will be addressed:
- The SEC will consider whether to adopt an interim final temporary rule under Section 766 of the Dodd-Frank Wall Street Reform and Consumer Protection Act 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. The CFTC has recently adopted a rule on a similar topic. See our commentary here and here.
- The SEC 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. The CFTC has recently proposed a rule on a similar topic. See our analysis here.
- The Commission will consider whether to propose rules that would implement Section 945 of the Dodd-Frank Act, which requires an issuer of asset-backed securities, or 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 Dodd-Frank Act, which requires an ABS issuer or underwriter to make publicly available the findings and conclusions of any third-party due diligence report.
Check dodd-frank.com frequently for updates on the Dodd-Frank Act.
Contact Steve Quinlivan for more information.