Securities and Exchange Commission: Reporting of Security-Based Swap Transaction Data
GAO-11-173R: Oct 28, 2010
- Full Report:
GAO reviewed the Securities and Exchange Commission's (Commission) new rule on the reporting of security-based swap transaction data. GAO found that (1) the interim final temporary rule requires specified counterparties to pre-enactment security-based swap transactions to report certain information relating to pre-enactment security-based swaps to a registered security-based swap data repository or to the Commission by the compliance date established in the security-based swap reporting rules required under sections 3C(e) and 13A(a) of the Securities Exchange Act of 1934 (''Exchange Act''), or within 60 days after a registered security-based swap data repository commences operations to receive and maintain data concerning such security-based swaps, whichever occurs first and report information relating to pre-enactment security-based swaps to the Commission upon request; and (2) Commission complied with applicable requirements in promulgating the rule.