On December 15, 2021, the Securities and Exchange Commission (the “SEC”) re-proposed Rule 9j-1 under the Securities Exchange Act of 1934 (the “Exchange Act”). Proposed Rule 9j-1, which was proposed initially in 2010, is an anti-fraud and anti-manipulation provision focused specifically on security-based swap transactions. The SEC also proposed new Exchange Act Rule 10B-1 to require any person with a security-based swap position that exceeds specified thresholds to file with the SEC a schedule disclosing certain information related to its position in security-based swaps and related instruments. Finally, the SEC proposed new Exchange Act Rule 15Fh-4(c) to prohibit undue influence over the chief compliance officer (“CCO”) of a security-based swap dealer or a major security-based swap participant (each, an “SBS Entity”).
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