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SEC Adopts Amendments Providing Authorities Access to Data Obtained by Security-Based Swap Data Repositories


Washington D.C., Aug. 29, 2016 —

The Securities and Exchange Commission today adopted amendments to a rule that would require security-based swap data repositories to make data available to regulators and other authorities, allowing them to share information and more effectively oversee the security-based swap market.

“These rules are fundamental to effective supervision of the security-based swap market,” said SEC Chair Mary Jo White. “Regulators must have timely, reliable access to data repositories in order to carry out their oversight responsibilities and reduce threats to financial stability, increase transparency, and improve the integrity of the market.”

The Dodd-Frank Act established provisions for regulators to access security-based swap data from data repositories.  Building on a proposal from September 2015, the final rule amendments implement these provisions and, among other things:

• Require either a memorandum of understanding or other arrangement between the Commission and the recipient of the data to address the confidentiality of the security-based swap data provided to the recipient;

• Identify the five prudential regulators named in the statute, as well as the Federal Reserve banks and the Office of Financial Research, as being eligible to access data;

• Address factors that the Commission may consider in determining whether to permit other entities to access data.

The proposed amendments included a conditional exemption from a statutory requirement for recipients of data from repositories to indemnify those repositories.  Congress repealed the requirement in December 2015, and the final rule amendments therefore do not include the conditional exemption. 


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