{"id":5138,"date":"2011-01-27T00:00:00","date_gmt":"2011-01-27T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2011\/01\/sec_proposes_new_rule_to_verif"},"modified":"2021-09-20T15:42:46","modified_gmt":"2021-09-20T20:42:46","slug":"sec-proposes-new-rule-to-verif","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-proposes-new-rule-to-verif\/","title":{"rendered":"SEC Proposes New Rule to Verify Swap Transactions"},"content":{"rendered":"<p>Under Rule 15Fi-1, the Securities and Exchange Commission\u2019s proposed rule under the 1934 Securities Exchange Act, certain security-based swap participants and security-based swap dealers would provide counterparties with an electronic \u201ctrade acknowledgement\u201d to acknowledge and verify specific security-based swap transactions. The SEC\u2019s proposal comes under the Dodd-Frank Wall Street Reform and Consumer Protection Act\u2019s mandate that the commission set up standards for the documentation and confirmation of SBS transactions.<\/p>\n<p><strong>Per the proposal, an SBC entity would have to fulfill the following requirements: <\/strong><br \/>\n\u2022\tDepending on how the transaction is executed, give trade acknowledgement within 15 minutes, 30 minutes, or 24 hours of execution. <\/p>\n<p>\u2022\tElectronic processing of security-based transactions for SBS entities that have the capability.<\/p>\n<p>\u2022\tWritten policies and procedures designed to get verification of the terms delineated in the trade acknowledgement.<\/p>\n<p>The proposed rule would specify which SBC entity has to provide trade acknowledgement, let an SBS entity fulfill the requirements of the rule through the processing of the transaction through a registered clearing house, identify which details must be contained in the trade acknowledgement, and for SBS Entities that are also brokers, give limited exemption from the requirements of Rule 10b-10 under the Exchange Act.  <\/p>\n<p>Other recent SBS-related rules that the SEC has proposed under the Dodd-Frank Act deal with the mandatory clearing of security-based swap, the defining of security-based swap terms, security-based swap reporting and repositories, security-based swap fraud, and security-based swap conflicts. <\/p>\n<p><strong>Related Web Resources: <\/strong><br \/>\n<a href=\"https:\/\/www.sec.gov\/news\/press\/2011\/2011-13.htm\">SEC Proposes Rule for the Timely Acknowledgment and Verification of Security-Based Swap Transactions<\/a>, SEC.gov, January 14, 2011<\/p>\n<p><a href=\"https:\/\/www.sec.gov\/rules\/proposed\/2011\/34-63727.pdf\">Proposed Rule<\/a>, SEC (PDF)<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/sec-proposes-new-rule-to-verif\/#more-5138\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Under Rule 15Fi-1, the Securities and Exchange Commission\u2019s proposed rule under the 1934 Securities Exchange Act, certain security-based swap participants and security-based swap dealers would provide counterparties with an electronic \u201ctrade acknowledgement\u201d to acknowledge and verify specific security-based swap transactions. The SEC\u2019s proposal comes under the Dodd-Frank Wall Street Reform and Consumer Protection Act\u2019s mandate [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3960,3761,3963,3972],"tags":[],"class_list":["post-5138","post","type-post","status-publish","format-standard","hentry","category-doddfrank-wall-street-reform-a","category-securities-and-exchange-commis","category-securities-law-and-regulations","category-swap-transactions"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SEC Proposes New Rule to Verify Swap Transactions &#8212; Investor Lawyers Blog &#8212; January 27, 2011<\/title>\n<meta name=\"description\" content=\"Under Rule 15Fi-1, the Securities and Exchange Commission\u2019s proposed rule under the 1934 Securities Exchange Act, certain security-based swap participants &#8212; January 27, 2011\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/sec-proposes-new-rule-to-verif\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"SEC Proposes New Rule to Verify Swap Transactions &#8212; Investor Lawyers Blog &#8212; January 27, 2011\" \/>\n<meta name=\"twitter:description\" content=\"Under Rule 15Fi-1, the Securities and Exchange Commission\u2019s proposed rule under the 1934 Securities Exchange Act, certain security-based swap participants &#8212; January 27, 2011\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"SEC Proposes New Rule to Verify Swap Transactions &#8212; 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