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August 5, 2015

Better Markets Statement on SEC’s Votes on Security-Based Swap Dealers

Wednesday, August 5, 2015
Contact: Jeff Gohringer, 202-618-6430 or

Washington, DC — Better Markets President and CEO Dennis Kelleher released this statement on the Securities and Exchange Commission’s (SEC) votes regarding the registration of security-based swap (SBS) dealers and major SBS participants (SBS Entities):

“The SEC is supposed to be the gold standard for investor and market protections, but today’s actions again call that into question. Requiring the registration of security-based swap (SBS) Entities will help the SEC oversee their activities, but by allowing for immediate conditional registration simply upon submission of the application – without SEC scrutiny or an independent assessment of the applicant – the rule fails to ensure that only properly qualified entities can act as dealers or major SBS participants. The SEC’s related proposal on disqualifications is even more troubling. Contrary to the statutory mandate, it would allow disqualified entities to continue engaging in SBS transactions on behalf of an SBS Entity pending SEC review of a possible waiver. And the SEC would automatically defer to waivers granted by the CFTC or even SROs such as FINRA, in what Commissioner Stein rightly called an ‘end run’ around the SEC. We look forward to commenting on this proposal and working to make the final rule not only strong, but consistent with the law.”


Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit

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