SEC Makes Technical Correction To Final Rule On Recordkeeping And Reporting Requirements For SBSDs

A correction to an SEC final rule establishing recordkeeping and financial reporting requirements for security-based swap dealers ("SBSDs") was published in the Federal Register.

As previously covered, the final rule is applicable to (i) broker-dealers, (ii) SBSDs that are primarily regulated by a "prudential regulator" ("bank SBSDs") and (iii) SBSDs that are neither broker-dealers nor bank SBSDs ("standalone SBSDs").

The final rule became effective on February 14, 2020, and this technical correction is immediately effective. The compliance date is August 14, 2021.

Primary Sources

1. Federal Register: Recordkeeping and Reporting Requirements for Security-Based Swap Dealers, Major Security-Based Swap Participants, and Broker-Dealers; Correction