[Federal Register Volume 90, Number 78 (Thursday, April 24, 2025)]
[Rules and Regulations]
[Pages 17225-17226]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-06920]
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Rules and Regulations
Federal Register
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This section of the FEDERAL REGISTER contains regulatory documents
having general applicability and legal effect, most of which are keyed
to and codified in the Code of Federal Regulations, which is published
under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.
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Federal Register / Vol. 90, No. 78 / Thursday, April 24, 2025 / Rules
and Regulations
[[Page 17225]]
SECURITIES AND EXCHANGE COMMISSION
17 CFR Parts 240 and 242
[Release No. 34-102886; File Nos. S7-34-10; S7-35-10]
RINs 3235-AK79; 3235-AK80
Regulation SBSR (Reporting and Dissemination of Security-Based
Swap Information) and Security-Based Swap Data Repository Rules;
Extension
AGENCY: Securities and Exchange Commission.
ACTION: Extension of Commission statement.
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SUMMARY: The Securities and Exchange Commission is extending a
statement regarding compliance with rules for security-based swap data
repositories and Regulation SBSR.
DATES: As of June 23, 2025, the expiration date of the statement
regarding compliance with rules for security-based swap data
repositories and Regulation SBSR, published at 85 FR 6346 (February 4,
2020), is extended until November 5, 2029.
FOR FURTHER INFORMATION CONTACT: Justin Pica, Assistant Director, Rajal
Patel, Senior Special Counsel, or Richard Mo, Senior Special Counsel,
at (202) 551-5870, Division of Trading and Markets, Securities and
Exchange Commission, 100 F Street NE, Washington, DC 20549-8010.
SUPPLEMENTARY INFORMATION:
I. Compliance Statement Extension
Market participants have been reporting security-based swap
(``SBS'') transactions to security-based swap data repositories
(``SDRs'') pursuant to 17 CFR 242.900 through 242.909 (``Regulation
SBSR''), under the Securities Exchange Act of 1934 (``Exchange
Act''),\1\ since November 8, 2021.\2\ In addition, 17 CFR 240.13n-1
through 240.13n-12, under the Exchange Act, govern: (1) the procedures
for registration as an SDR; (2) Form SDR requirements; and (3) the
duties and cores principles applicable to an SDR (the ``SDR Rules'')
\3\ (Regulation SBSR and the SDR Rules are hereinafter referred to
collectively as the ``SBS Reporting Rules''). There are currently three
SDRs registered with the Commission.\4\
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\1\ The Securities and Exchange Commission (``SEC'' or
``Commission'') initially adopted Regulation SBSR in 2015 and
adopted additional provisions in 2016. See Regulation SBSR--
Reporting and Dissemination of Security-Based Swap Information,
Exchange Act Release No. 74244 (Feb. 11, 2015), 80 FR 14564 (Mar.
19, 2015) (``2015 Regulation SBSR Release''); Regulation SBSR--
Reporting and Dissemination of Security-Based Swap Information,
Exchange Act Release No. 78321 (July 14, 2016), 81 FR 53546 (Aug.
12, 2016).
\2\ The first compliance date for Regulation SBSR with respect
to an SBS asset class was the first Monday that was the later of:
(1) six months after the date on which the first SDR that can accept
transaction reports in that asset class registers with the
Commission; or (2) one month after the compliance date for
registration and regulatory requirements for security-based swap
dealers (``SBSDs'') and major security-based swap participants
(``MSBSPs''). See Cross-Border Application of Certain Security-Based
Swap Requirements, Exchange Act Release No. 87780 (Dec. 18, 2019),
85 FR 6270, 6346 (Feb. 4, 2020) (``Cross-Border Amendments
Release''). DTCC Data Repository (U.S.), LLC (``DDR'') registered as
an SDR for the credit, equity, and interest rate asset classes on
May 7, 2021. See Security-Based Swap Data Repositories; DTCC Data
Repository (U.S.), LLC; Order Approving Application for Registration
as a Security-Based Swap Data Repository, Exchange Act Release No.
91798 (May 7, 2021), 86 FR 26115 (May 12, 2021) (``DDR Order'').
November 8, 2021, was both the first Monday that was six months
after May 7, 2021, and the first Monday that was one month after the
October 6, 2021, compliance date for registration and regulatory
requirements for SBSDs and MSBSPs. See also SEC Approves
Registration of First Security-Based Swap Data Repository; Sets the
First Compliance Date for Regulation SBSR (May 7, 2021), available
at https://www.sec.gov/news/press-release/2021-80 (stating that Nov.
8, 2021, is the first compliance date for Regulation SBSR).
\3\ The Commission adopted the SDR Rules in 2015. Security-Based
Swap Data Repository Registration, Duties, and Core Principles,
Exchange Act Release No. 74246 (Feb. 11, 2015), 80 FR 14438 (Mar.
19, 2015) (``SDR Adopting Release'').
\4\ The applications for registration as an SDR for DDR and ICE
Trade Vault, LLC, were approved in 2021, and the application for
registration as an SDR for KOR Reporting, Inc., was approved in
2024. See Security-Based Swap Data Repositories; KOR Reporting,
Inc.; Order Approving Application for Registration as a Security-
Based Swap Data Repository, Exchange Act Release No. 101511 (Nov. 4,
2024), 89 FR 88829 (Nov. 8, 2024); Security-Based Swap Data
Repositories; ICE Trade Vault, LLC; Order Approving Application for
Registration as a Security-Based Swap Data Repository, Exchange Act
Release No. 92189 (June 16, 2021), 86 FR 23703 (June 22, 2021); DDR
Order, 86 FR 26115.
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As part of the Cross-Border Amendments Release, which had
implications for the SBS Reporting Rules' compliance date, the
Commission issued a statement regarding compliance with the SBS
Reporting Rules (``2019 Compliance Statement'').\5\ In the 2019
Compliance Statement, the Commission stated that it was mindful of the
time and costs that may be incurred by SDRs and swap market
participants to implement aspects of the SBS Reporting Rules that have
no analog in, or are not wholly consistent with, the Commodity Futures
Trading Commission's (``CFTC's'') rules.\6\ The Commission further
stated that ``the implementation of [SBS Reporting Rules] can and
should be done in a manner that carries out the fundamental policy
goals of the [SBS Reporting Rules] while minimizing burdens as much as
practicable.'' \7\ However, in light of the Commission's efforts to
promote harmonization with the CFTC's swap reporting and swap data
repository rules, at a time when the CFTC had announced plans to
reconsider its swap reporting rules,\8\ and ongoing concerns among
market participants about incurring unnecessary burdens, the 2019
Compliance Statement provided that certain actions with respect to the
SBS Reporting Rules temporarily would not provide a basis for a
Commission enforcement action, as set forth in more detail in the 2019
Compliance Statement.\9\ The 2019 Compliance Statement is scheduled to
expire on November 8, 2025.\10\
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\5\ Cross-Border Amendments Release, 85 FR 6346 through 6349.
\6\ Id. at 6347.
\7\ Id.
\8\ See id. at 6346 through 6347.
\9\ Id. at 6347 through 6349.
\10\ See Cross-Border Amendments Release, 85 FR 6349 (stating
that the 2019 Compliance Statement is in effect until the earlier of
(1) four years following Regulation SBSR's Compliance Date 1 in a
particular SBS asset class (which was November 8, 2021), or (2) 12
months after the Commission provides notice that the position will
expire).
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Since the issuance of the 2019 Compliance Statement, the CFTC has
revised its swap reporting rules,\11\ as well as the CFTC Technical
[[Page 17226]]
Specification,\12\ in a manner that was designed to, among other
things, better harmonize with international technical guidance for
reporting.\13\ The Commission continues to be mindful of the time and
costs that may be incurred by SDRs and swap market participants to
implement aspects of the SBS Reporting Rules that have no analog in, or
are not wholly consistent with, the CFTC's swap reporting rules and,
therefore, the Commission needs additional time to consider whether
changes would be appropriate to more fully harmonize the Commission's
SBS Reporting Rules with the CFTC's swap reporting and swap data
repository rules.
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\11\ See Swap Data Recordkeeping and Reporting Requirements, 85
FR 75503 (Nov. 25, 2020); Real-Time Public Reporting Requirements,
85 FR 75422 (Nov. 25, 2020); Certain Swap Data Repository and Data
Reporting Requirements, 85 FR 75601 (Nov. 25, 2020).
\12\ Versions of the CFTC Technical Specification were issued in
September 2020, September 2021, August 2022, and March 2023. See
CFTC, Data Recordkeeping (Technical Specification Versions),
available at https://www.cftc.gov/LawRegulation/DoddFrankAct/Rulemakings/DF_17_Recordkeeping/index.htm.
\13\ See Swap Data Recordkeeping and Reporting Requirements, 85
FR 75503 (stating that, among other things, the amendments define
and adopt swap data elements that harmonize with international
technical guidance). See also Real-Time Public Reporting
Requirements, 85 FR 75422 (Nov. 25, 2020); Certain Swap Data
Repository and Data Reporting Requirements, 85 FR 75601 (Nov. 25,
2020).
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Therefore, the Commission is extending the expiration date of the
2019 Compliance Statement until November 5, 2029.\14\
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\14\ Pursuant to the Congressional Review Act, the Office of
Information and Regulatory Affairs has designated this statement as
a ``major rule'' as defined by 5 U.S.C. 804(2). See 5 U.S.C. 801 et
seq.
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By the Commission.
Dated: April 17, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-06920 Filed 4-23-25; 8:45 am]
BILLING CODE 8011-01-P