The SEC has alerted the industry that finalizing the SBSD rules is a “priority” and that it is working to finalize the rules “expeditiously”. Financial Institutions should be budgeting and planning to start implementations:
- The SEC is expected to implement the Security-Based Swap Dealer (SBSD) rules in the near-term.
- There are significant overlaps between the CFTC Swap Dealer and the SBSD regulations. Leveraging the Swap Dealer implementations will enable financial institutions to implement the requirements cost effectively and efficiently.
- NextGen Strategic Advisors has identified 2,826 discrete SBSD rules to determine the compliance and implementation requirements.
- NextGen Strategic Advisors has mapped the SEC SBSD rules to the CFTC Swap Dealer rules and developed a proprietary NextGen SBSD Accelerator Tool that has been designed based on hands-on experience to assist financial institutions register their SBSDs.