SEC Seeks Extension for Swap Dealer Record-Keeping Rules
Published Date: 7/23/2025
Notice
Summary
The SEC is asking for feedback on extending a rule that helps keep track of how certain financial firms handle security-based swaps, making sure customer assets stay safe. This affects non-broker-dealer swap dealers and major participants, with an estimated 8,497 hours of work yearly. Comments are open until September 22, 2025, so now’s the time to speak up and help shape the process!
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Segregation Rule Protects Swap Customers
Rule 18a-4 requires segregation rules for cleared and non-cleared security-based swaps and applies to non-broker-dealer security-based swap dealers (bank SBSDs and nonbank stand-alone SBSDs) and major security-based swap participants. The rule helps the SEC monitor how these firms meet custodial responsibilities so security-based swap customers’ assets are kept separate and protected.
Regulatory Paperwork: 8,497 Hours Annually
The SEC estimates the aggregate annual burden for the Rule 18a-4 information collections is 8,497 hours for respondents. The collections are mandatory for the covered non-broker-dealer SBSDs and major security-based swap participants.
Counterparties Alerted to Segregation Options
Rule 18a-4 includes notification requirements that alert counterparties to the alternatives available to them regarding segregation of non-cleared security-based swaps. Those notifications inform counterparties about choices for how their positions or collateral can be segregated.
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