The rule requires security-based swap dealers and major security-based swap participants to file applications on Form SBSE, Form SBSE-A, or Form SBSE-BD, as applicable, and to certify that they have developed and implemented written policies and procedures to prevent violations of federal securities laws.
The rule also provides for conditional registration for applicants that submit complete applications within the required time periods, and for nonresident applicants that provide conditional certifications and opinions of counsel.
The Commission may grant or deny ongoing registration based on the application, and may institute proceedings to determine whether registration should be denied if the applicant is subject to a statutory disqualification or if the Commission is aware of inaccurate statements in the application.
