Press Release: SEC Approves Registration of First Security-Based Swap Data Repository; Sets the First Compliance Date for Regulation SBSR

From the Securities Exchange Commission:

Washington D.C., May 7, 2021 —

The Securities and Exchange Commission today announced that it has approved the registration of its first security-based swap data repository (SDR). With today’s registration of DTCC Data Repository (U.S.), LLC (DDR), the security-based swap market now has 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,” said SEC Chair Gary Gensler. “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.”

Today’s SEC action sets Nov. 8, 2021, 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 Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Regulation SBSR provides for the reporting of security-based swap information to registered SDRs and for public dissemination of transaction, volume, and pricing information.

Under Regulation SBSR, the Nov. 8, 2021 compliance date represents the first Monday that is the later of: (1) six months after the May 7, 2021 registration date for the first SDR that can accept transaction reports in a particular asset class; or (2) one month after the Oct. 6, 2021, compliance date for registration of security-based swap entities.

Speak with an attorney at the Scarinci Hollenbeck, LLC today to discuss how you can take advantage of the opportunities in the market while remaining in compliance with the SEC rules. Call (866) SH-LawROUP, or email


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