Beginning in November 2021, security-based swap dealers and major security-based swap participants will be required to register with the SEC and comply with various other regulations relating to capital, margin, segregation, and transaction reporting. The SEC has said it will exercise its regulatory authority, among other things, to monitor risk and to prevent fraud in the security-based swaps market. On December 18, 2020, in preparation for the November 2021 trigger date, the SEC announced the creation of the Security-Based Swaps Joint Venture, described as a collaborative venture among SEC divisions and offices responsible for coordinating functions related to the regulation of security-based swaps and oversight of certain entities that will be required to register with the SEC. The creation of this Joint Venture shows that the SEC is actively preparing to carry out its regulatory responsibilities over the security-based swaps market and will bring together all the relevant expertise within the agency to do so. In recent years, the CFTC has been active in the regulation and enforcement of the swaps market. The same is expected from the SEC, though the SEC has not yet identified its exact priorities in this area.