SEC Proposes Rules Relating to Security-Based Swaps: SEC Re-Proposes Rule to Prevent Fraud, Manipulation and Deception in Connection With Security-Based Swap Transactions and Proposes Large Position Reporting and CCO Independence Rules.Sullivan & Cromwell LLP - December 29, 2021
On December 15, 2021, the SEC re-proposed Rule 9j-1 under 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 of a security-based swap dealer or a major security-based swap participant.
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