November 22, 2010 -- The Securities and Exchange Commission proposed rules to determine how information on security-based swap transactions should be reported and publicly announced. "This proposal lays out who must do security-based swap reporting, what information must be reported, and where and when it must be reported," said SEC Chairman Mary L. Schapiro. "These rules would provide for post-trade transparency in the security-based swap markets, and are designed to provide all market participants access to transaction information at the same time," she said. Some of the provisions of the proposal would: require parties to a security-based swap transaction to report information about each transaction to a registered security-based swap data repository, and require the security-based swap repository to publicly disseminate certain information in a timely fashion. The plan has a 45-day comment period. The Commodity Futures Trading Commission is proposing similar rules with respect to the reporting and public dissemination of information related to swaps that fall under its jurisdiction.
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