The SEC also adopted an interim rule yesterday, requiring certain swaps dealers and others to report any security-based swaps ("SBS's") that had been entered into prior to 7/21/10 - date that the Dodd-Frank Reform Act passed.  The interim rule requires parties to report SBS information to the SEC or to a registered SBS data repository.  Parties also are required to preserve data pertaining to the terms of pre-enactment SBS's in support of the reporting requirements. 

The interim rule becomes effective once it's published in the Federal Register.  Meanwhile, the SEC continues seeking public comments to inform its development of a permanent reporting procedure.

"This interim final rule provides a means for the Commission to gain a better understanding of the security-based swap markets, including their size and scope."   "Until such time as final rules are adopted, this interim rule clarifies who needs to do security-based swaps reporting, what needs to be reported, and when such reporting needs to occur." -- SEC Chairman Mary Schapiro.

    Interim Rule 13Aa-2T: An Overview.   Under yesterday's interim rule. specified counterparties to pre-enactment SBS transactions are required to:

• Report certain information relating to pre-enactment security-based swaps to a registered security-based swap data repository after such registered security-based swap data repository is operational, or to the Commission.
• Report information relating to pre-enactment security-based swaps to the Commission upon request.

In addition, the proposed rule requires counterparties that may be required to report to retain information relating to the terms of these pre-enactment security-based swaps. 

For further details, click onto:  [ SEC PR 10-191, 10/13 ]  and/or  [ SEC Interim Rule Release 34-63094, 10/13 ]