SEC Staff Report on Security-Based Swap Dealer and Major Participant Definitions
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This notice publishes an SEC staff report on how the rules define security-based swap dealers and major security-based swap participants, and asks the public for comments by July 6, 2026. The report reviews 2024 market data, including how much trading may fall below or above current registration thresholds for firms active in security-based swaps. For compliance teams, the key issue is whether future SEC action could lower the dealer registration thresholds. Current phase-in thresholds remain at $8 billion for credit default swaps and $400 million for other security-based swaps until May 8, 2028, due to a temporary exemption. Without further action, lower scheduled thresholds of $3 billion and $150 million could later become relevant, or the SEC could propose different thresholds.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Opens public comment on the SEC staff report about security-based swap dealer and major participant definitions
- Keeps the current phase-in dealer thresholds in practical effect until May 8, 2028: $8 billion for credit default swaps and $400 million for other security-based swaps
- Signals that lower scheduled thresholds, or different thresholds set through a future rulemaking, may be considered after review of the report and comments
Obligations
What this law requires
Any person choosing to submit comments on the SEC staff report should submit them on or before July 6, 2026.
Commenters submitting by email must send comments to [email protected] and include File Number S7-2026-14 on the subject line.
Commenters submitting paper comments must send paper comments in triplicate to the SEC Secretary at 100 F Street NE, Washington, DC 20549-1090, and the submission must refer to File Number S7-2026-14.
Commenters should use only one method of submission to help the SEC process and review comments efficiently.
Commenters must not include personally identifiable information in comment submissions and should submit only information they wish to make publicly available.