Capital, margin, and segregation requirements for security-based swap dealers (SBSDs) and major security-based swap participants (MSBSPs), as well as capital and liquidity requirements for broker-dealers , permitted to use internal models when computing net capital (ANC broker-dealers), that were proposed in October 2012 (see Legal Update, Capital and Margin Rules for Security-based Swap Dealers and Major Security-based Swap Participants Proposed by SEC).

Amendments to cross-border capital, margin, and segregation rules for security-based swaps (SBS) that were proposed in May 2013 (see Practice Note, The Dodd-Frank Act: Cross-Border Application of Swaps Rules: Proposed Rules on Eligibility for SBS Substituted Compliance).

An amendment to the capital requirements for SBSDs that was proposed in April 2014 (see Legal Update, SEC Re-proposes Security-based Swap Reporting and Recordkeeping Requirements).

Modifying the minimum net capital requirements for nonbank SBSDs by simplifying the calculation of "risk margin amount" in the ratio used to derive the SBSD's minimum net capital requirement. Under the 2012 proposals, the minimum net capital requirement would be equal to eight percent of the SBSD's risk margin amount.

Providing a risk-based threshold under which a nonbank SBSD is not required to take a capital charge.

Expanding the option of a credit-risk charge for nonbank SBSDs for uncleared SBS transactions with commercial end users to other types of counterparties and transactions. The credit risk charge is used as an alternative to the 100% capital charge that a nonbank SBSD takes when it does not collect variation margin (VM) or initial margin (IM) in connection with an uncleared SBS where the parties are taking advantage of a regulatory exception or exemption from margin collection.

Providing an exception for nonbank SBSDs from taking a capital charge, whether the 100% capital charge or the credit-risk charge, under conditions that allow the SBSD prompt access to the collateral if needed.

Permitting the use of a uniform margin model, including a standard industry model, to compute IM for uncleared SBS.

Providing for a risk-based threshold, instead of a fixed-dollar threshold, under which a nonbank SBSD does not need to collect IM.

Providing margin exceptions for SBSDs, including an exception from collecting IM when the counterparty is another SBSD, and an exception from segregating IM that is collected from another SBSD. These exceptions were provided for in the 2012 proposals, and the SEC is specifically requesting comment on the potential impacts of these exceptions.

Permitting portfolio margining of swaps and SBS (see The Dodd-Frank Act: Derivatives Margin Collateral Rules: Portfolio Margining Under Dodd-Frank).

Modifying the omnibus segregation requirements for SBSDs as well as the cross-border application of the proposed segregation requirements (see Practice Note: The Dodd-Frank Act: Derivatives Margin Collateral Rules: SEC Optional Customer IM Segregation Rules for SBS).

Increasing the threshold applicable to SBSD customer reserve accounts held at a single unaffiliated bank to 15% (from 10%) of the bank's equity capital and excluding any cash deposited with an affiliated bank, and providing an exemption from the 15% threshold for bank SBSDs that hold customer reserve accounts directly.

Providing additional guidance on the factors that the SEC would consider when making a substituted compliance determination with respect to capital and margin requirements available for non-US nonbank SBSDs that are not also registered with the SEC as broker-dealers (see Practice Note, The Dodd-Frank Act: Cross-Border Application of Swaps Rules: Proposed Rules on Eligibility for SBS Substituted Compliance; for information on certain finalized SEC cross-border rules, see Practice Note, The Dodd-Frank Act: Cross-Border Application of Swaps Rules: SEC Cross-Border Security-Based Swaps Rules).

Extending the proposed compliance schedule for SBSD registration in order to allow registrants to take the necessary steps to come into compliance with the applicable requirements (see Legal Update, SEC Adopts Registration Rules for Security-based Swap Dealers and Major Security-based Swap Participants: Compliance Date).

Consideration of the economic implications of the proposed rules and whether the economic analysis has changed since the publication of the proposals.

Data collection and reporting rules for SBS execution facilities (Section 763(c) of Dodd-Frank).

Rules governing SBS execution facilities (Section 763(c) of Dodd-Frank).

Rules regarding SBS market fraud (Section 763(g) of Dodd-Frank).

Capital and margin rules for SBSDs and nonbank MSBSPs (Section 764(a) of Dodd-Frank).

Rules regarding daily trading recordkeeping (Section 764(a) of Dodd-Frank).

Reporting and recordkeeping rules for SBSDs and MSBSPs (Section 764(a) of Dodd-Frank).

Conflict-of-interest rules (Section 765(a) of Dodd-Frank).

Recordkeeping for certain SBS (Section 766(a) of Dodd-Frank).