The SEC is requesting public comment on its plan to phase in final rules regulating security-based swaps and security-based swap market participants. The policy statement does not estimate when the rules would be put in place, but describes the sequence in which they would take effect. The phased-in approach is intended to avoid the disruption that could occur if all the new rules took effect simultaneously. To date, the Commission has proposed nearly all the rules required under the Act and already has begun to adopt those rules.
Chairman Schapiro described the policy statement as a roadmap to market participants and the public on how the SEC expect to implement the various regulatory requirements for the OTC derivatives market. The public comment on the SEC's anticipated sequencing of the regulations is 60 days.