SEC Adopts Rules for Security-Based Swap Execution Facilities and Clearing Agencies

The Securities and Exchange Commission adopted a pair of rulemakings in November 2023 to increase transparency in certain areas of the securities markets.

On Nov. 2, the Commission adopted Regulation SE to create a regime for the registration and regulation of security-based swap execution facilities (SBSEFs). “Adopting Regulation SE fulfills Congress’s mandate and increases the transparency and integrity of the security-based swap market,” said SEC Chair Gary Gensler. (Read More)

On Nov. 16, the Commission adopted new rules to improve the governance of all registered clearing agencies by reducing the likelihood that conflicts of interest may influence their boards of directors or equivalent governing bodies. The new rules identify certain board responsibilities and increase transparency into board governance. "Taken together, these final rules benefit investors, issuers, and the markets connecting them,” Chair Gensler said. (Read More)