US SEC Floats New Rules for Securities Based Swaps
According to the release from the SEC, in addition to preventing fraud, the new rules help ward off every form of manipulation and deception in connection with security-based swap transactions. The commission also adopted a “rule to prohibit undue influence over chief compliance officers at certain security-based swap entities.” advertisement With so much responsibility lying on the shoulders of SBS entities’ Chief Compliance Officers, the new rules from the market regulator frowns at any action targeted at coercing or manipulating these officials in the discharge of their duties in line with the extant SEC urities laws. “Any misconduct in the security-based swaps market not only harms direct counter-parties but also can affect reference entities and investors in those reference entities,” said SEC Chair Gary Gensler, “Given these markets’ size, scale, and importance, it is critical that the Commission protect investors an...