The Securities and Exchange Commission has drafted rules that define security-based swap execution facilities (SEFs) and establishes their registration requirements, Mondovisione reports. The commission is seeking to enable the security-based swap market to continue to develop in a more transparent, efficient, and competitive manner.
The proposed rules interpret the definition of “security-based SEFs” as described in the Dodd-Frank bill. The rules also outline the registration requirements for security-based SEFs and implement the 14 core principles for security-based SEFs that the legislation outlined.
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