SEC Seeks Comments on Keeping Swap-Dealer Recordkeeping Rules
Published Date: 11/2/2026
Notice
Summary
The SEC is asking for comments to extend the paperwork rules for security-based swap dealers and major participants. These folks must keep detailed records to help regulators keep the market safe and fair. No big changes or new costs are planned—just continuing the current rules to protect investors.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Continuation of Rule 18a-5 Recordkeeping
The SEC is proposing to extend the existing Rule 18a-5 information collection so security-based swap dealers (SBSDs) and major security-based swap participants (MSBSPs) must continue their current recordkeeping. The Commission estimates an initial industry hour burden of 12,340 hours in the first year, an ongoing annual burden of 15,425 hours per year, and industry-wide costs for 15 stand-alone respondents of $15,000 initial and $69,750 ongoing per year (about $74,750 per year when annualized over three years).
Different Record Types by Firm Type
Rule 18a-5 applies different recordkeeping scopes depending on firm type: stand-alone SBSDs and stand-alone MSBSPs are required to make and keep current 13 types of records, certain stand-alone SBSD provisions require three types, and bank SBSDs and bank MSBSPs are required to make and keep current 10 types of records. Specific paragraphs also require bank SBSDs to maintain possession or control records, customer reserve records, and political contribution records.
Records Support Investor Protection
Rule 18a-5 requires SBSDs and MSBSPs to create and keep records such as trade blotters, general ledgers, confirmations, accountholder information, and calculations so SEC examiners can check compliance. The stated purpose is to enhance regulators' ability to protect investors and determine compliance with anti-fraud, anti-manipulation, and financial responsibility rules.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-21037, Investment Company Cross Trading
The SEC wants to update the rules for cross trading, which is when investment companies trade securities with their affiliates. They’re making more types of securities eligible, tightening rules to protect investors, and requiring better reporting of these trades. If you’re involved in investment companies, watch out for these changes and get your comments in by December 14, 2026!
2026-20466, Adviser and Regulated Fund Custody Rules; Crypto Custody Rules
The SEC is updating rules for how investment advisers and funds handle crypto assets, making sure they keep these digital investments safe and properly reported. These changes affect advisers, funds, and anyone managing crypto securities, aiming to modernize rules and improve transparency. Comments on the proposal are open until December 7, 2026, so get ready to weigh in!
2026-19260, Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4
The SEC wants to stop its federal rule that controls how shareholders can make proposals at company meetings, letting state laws and company rules take over instead. They’re also changing rules so companies can sometimes vote on proposals not in their official materials—but shareholders can opt out if they want. This affects investors and companies, with comments open until November 20, 2026, and could shake up how shareholder voices are heard and counted.
2026-18424, Political Contributions by Certain Investment Advisers
The Securities and Exchange Commission (the "Commission" or the "SEC") is proposing to rescind the political contribution rule under the Investment Advisers Act of 1940 (the "Advisers Act"), which prohibits investment advisers from providing investment advisory services for compensation to a government client for two years after an adviser or any covered associate of the adviser makes a contribution to certain categories of elected officials or candidates, among other prohibitions. In the more than fifteen years since the rule was adopted, implementation challenges associated with the political contribution rule have resulted in a range of significant unintended consequences, including compliance practices among some investment advisers that may have had the effect of restricting all political contributions by the investment advisers and their employees. Market participants also have stated that the political contribution rule is burdensome, complex, and both lacks clarity and creates a de facto strict liability standard. The Commission is of the view that other existing requirements of the Advisers Act and its associated rules, including prohibitions on fraud, fiduciary duty requirements, the compliance rule, and the code of ethics rule (defined below), are likely sufficient to address pay-to-play practices while allowing an adviser the flexibility to implement an approach that is more appropriately tailored to its particular risks, rendering the political contribution rule unnecessary. The Commission also is proposing to amend the rule under the Advisers Act pertaining to books and records consistent with the proposed rescission.
2026-18190, Transfer Agent Rules
The U.S. Securities and Exchange Commission ("SEC" or "Commission") is proposing to adopt new rules, amend existing rules, amend the existing form for registration with the Commission as a transfer agent (Form TA-1) and the existing form for reporting activities of transfer agents (Form TA-2), and rescind an existing rule governing registered transfer agents. The proposals are designed to modernize the rules governing registered transfer agents.
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
Previous / Next Documents
Previous: 2026-22345, Antidumping or Countervailing Duty Order, Finding, or Suspended Investigation; Opportunity To Request Administrative Review and Join Annual Inquiry Service List; Note Regarding Format of Review Requests
If you're involved in importing goods under antidumping or countervailing duty orders, now's your chance to ask the government to review those duties during the anniversary month. The Department of Commerce will pick which companies to review based on import data, so get your requests and comments in quickly to have a say. This process helps keep trade fair and can impact how much money companies pay in duties.
Next: 2026-22347, Potassium Permanganate From China; Institution of a Five-Year Review
The U.S. International Trade Commission is checking if the special taxes on potassium permanganate from China should continue. This review started on November 2, 2026, and businesses involved have until December 2, 2026, to share their thoughts. The decision could affect prices and imports, keeping the market fair for U.S. producers.