§ 240.15Fb2-1 Registration of security-based swap dealers and major security-based swap participants.  


Latest version.
  • (a) Application. An application for registration of a security-based swap dealer or a major security-based swap participant that is filed pursuant to Section 15F(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78o-10(b)) shall be filed on Form SBSE (§249.1600 of this chapter) or Form SBSE-A (§249.1600a of this chapter) or Form SBSE-BD (§249.1600b of this chapter), as appropriate, in accordance with paragraph (c) and the instructions to the forms. Applicants shall also file as part of their application the required certifications on Form SBSE-C (§249.1600c of this chapter).

    (b) Senior Officer Certification. A senior officer shall certify on Form SBSE-C (§249.1600c of this chapter) that;

    (1) After due inquiry, he or she has reasonably determined that the security-based swap dealer or major security-based swap participant has developed and implemented written policies and procedures reasonably designed to prevent violation of federal securities laws and the rules thereunder, and

    (2) He or she has documented the process by which he or she reached such determination.

    (c) Filing—(1) Electronic filing. Every application for registration of a security-based swap dealer or major security-based swap participant and any additional registration documents shall be filed electronically with the Commission through the Commission's EDGAR system.

    (2) Filing date. An application of a security-based swap dealer or a major security-based swap participant submitted pursuant to paragraph (a) of this section shall be considered filed when an applicant has submitted a complete Form SBSE-C (§249.1600c of this chapter) and a complete Form SBSE (§249.1600 of this chapter), Form SBSE-A (§249.1600a of this chapter), or Form SBSE-BD (§249.1600b of this chapter), as appropriate, and all required additional documents electronically with the Commission.

    (d) Conditional registration. An applicant that has submitted a complete Form SBSE-C (§249.1600c of this chapter) and a complete Form SBSE (§249.1600 of this chapter) or Form SBSE-A (§249.1600a of this chapter) or Form SBSE-BD (§249.1600b of this chapter), as applicable, in accordance with paragraph (b) within the time periods set forth in §240.3a67-8 (if the person is a major security-based swap participant) or §240.3a71-2(b) (if the person is a security-based swap dealer), and has not withdrawn its registration shall be conditionally registered.

    (e) Commission decision. The Commission may deny or grant ongoing registration to a security-based swap dealer or major security-based swap participant based on a security-based swap dealer's or major security-based swap participant's application, filed pursuant to paragraph (a) of this section. The Commission will grant ongoing registration if it finds that the requirements of Section 15F(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78o-10(b)) are satisfied. The Commission may institute proceedings to determine whether ongoing registration should be denied if it does not or cannot make such finding or if the applicant is subject to a statutory disqualification (as described in Sections 3(a)(39)(A) through (F) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(39)(A)-(F)), or the Commission is aware of inaccurate statements in the application. Such proceedings shall include notice of the grounds for denial under consideration and opportunity for hearing. At the conclusion of such proceedings, the Commission shall grant or deny such registration.