SEC Adopts Trade Acknowledgment and Verification Rules for Security-Based Swap Transactions
SEC.gov – Washington D.C., – The Securities and Exchange Commission announced that it has adopted rules that will establish timely and accurate trade acknowledgment and verification requirements for security-based swap (SBS) entities that enter into SBS transactions. The rules are designed to promote the efficient and effective operation of the SBS market.
- Provide a trade acknowledgment electronically to its transaction counterparty promptly, and no later than the end of the first business day following the day of execution
- Promptly verify or dispute with its counterparty the terms of a trade acknowledgment it receives
- Have written policies and procedures in place that are reasonably designed to obtain verification of the terms outlined in any trade acknowledgment that it provides
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