WASHINGTON (CN) - Participants in security based swap agreements made before enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act would have to report details of the transactions to a data repository, according to rules proposed by the Securities and Exchange Commission.
Under the proposed rules, a copy of the confirmation of the transaction, and the time the transaction was executed would have to be registered with a third-party data repository. The reporting requirement would apply to all security based swaps made prior to, and that had not expired as of, July 21, 2010.
Participants also would be required to preserve information about the terms of swaps.
Security based swaps are options traded between counterparties based on the value of an underlying security which can include debt, assets, futures contracts and other financial instruments whose value might change over the course of the swap.
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