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SPEECHES & TESTIMONY

  • Statement of Support - Registration of Intermediaries – Part 3

    Chairman Gary Gensler

    August 17, 2012

    I support the final rule to amend certain provisions of Part 3 of the Commission’s regulations regarding the registration of intermediaries.  The final amendments are necessary to conform existing regulations to the new requirements in the Dodd-Frank Wall Street Reform and Consumer Protection Act.

    The final rule would amend Part 3 to facilitate the extension of the existing registration process to apply to new categories of registrants, such as swap dealers and major swap participants.  Customers will benefit from the increased transparency of the registration process.  The final amendments also modernize existing provisions that will apply to all Commission registrants.

    In addition, the Commission has made technical changes to permit legal entities (in addition to natural persons) to register as floor traders.  This change was required to implement the exception from the definition of a swap dealer for floor traders that trade cleared swaps on swap execution facilities.

    Last Updated: August 17, 2012



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