In remarks before the American Bar Association’s (“ABA”) Derivatives and Futures Law Committee, Securities and Exchange Commission (“SEC”) Chair Gary Gensler highlighted the upcoming compliance dates for rules under which security-based swap dealers (“SBSDs”) and major security-based swap participants (“major SBSPs”; and, together with SBSDs, “SBS Entities”) will have to register with the SEC and comply with SEC rules applicable to SBSDs. Recent guidance provides that affected market participants should assess whether they meet the relevant thresholds to register as an SBSD or a major SBSP with the SEC.