The Securities and Exchange Commission (SEC) approved its first security-based swap data repository (SDR) – the DTCC Data Repository, LLC (DDR).
This is the first SDR that can accept transaction reports. DDR intends to operate as a registered SDR for security-based swap transactions in the equity, credit, and interest rate derivatives asset classes.
“Implementing Regulation SBSR fulfills an important mandate under the Dodd-Frank Act,” SEC Chair Gary Gensler said. “A centralized database of security-based swap transactions is an essential reform to better understanding these markets, for surveillance and for enforcement. The data repository also will facilitate public reporting of security-based swap transactions, bringing much-needed transparency to these markets.”
The SEC set Nov. 8 as the first compliance date for Regulation SBSR, which governs regulatory reporting and public dissemination of security-based swap transactions. Regulation SBSR is a key component of the security-based swap regulatory regime established by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Essentially, Regulation SBSR provides for the reporting of security-based swap information to registered SDRs and for public dissemination of transaction, volume, and pricing information.
The Nov. 8, 2021 compliance date represents the first Monday that is the later of: six months after the May 7, registration date for the first SDR that can accept transaction reports in a particular asset class; or one month after the Oct. 6 compliance date for registration of security-based swap entities, per Regulation SBSR.