June 10, 2022

Submitted Electronically

Vanessa Countryman
Secretary
U.S. Securities and Exchange Commission
100 F Street N.E.
Washington, D.C. 20549-1090

Re: Rules Relating to Security-Based Swap Execution and Registration and Regulation of Security-Based Swap Execution Facilities [Release No. 34-94615; File No. S7-14-22]

Dear Ms. Countryman:

The International Swaps and Derivatives Association, Inc. (“ISDA”)1 and Securities Industry and Financial Markets Association (“SIFMA”)2 (together, the “Associations”) appreciate the opportunity to submit these comments on the Rules Relating to Security-Based Swap Execution and Registration and Regulation of Security-Based Swap Execution Facilities (“Proposed Rules”) published by the U.S. Securities and Exchange Commission (“SEC” or “Commission”) in the Federal Register on May 11, 2022,3 pursuant to Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act” or “Title VII”).4

We applaud the Commission’s intent to meaningfully align its approach to the execution of security-based swaps (“SBS”) and regulation of security-based swap execution facilities (“SBSEFs) with the rules applicable to swaps and swap execution facilities (“SEFs”) implemented by the U.S. Commodity Futures Trading Commission (“CFTC”).

 

1 Since 1985, ISDA has worked to make the global derivatives markets safer and more efficient. Today, ISDA has more than 980 member institutions from 78 countries. These members comprise a broad range of derivatives market participants, including corporations, investment managers, government and supranational entities, insurance companies, energy and commodities firms, and international and regional banks. In addition to market participants, members also include key components of the derivatives market infrastructure, such as exchanges, intermediaries, clearing houses and depositories, as well as law firms, accounting firms and other service providers. Additional information on ISDA is available at http://www.isda.org.

2 SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s nearly 1 million employees, we advocate on legislation, regulation and business policy, affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.

3 87 Fed. Reg. 28872 (May 11, 2022), available at https://www.govinfo.gov/content/pkg/FR-2022-05-11/pdf/2022-07850.pdf
[hereinafter, Proposed Rules].

4 Pub. L. No. 111-203 (2010). Unless the context requires otherwise, general references to Title VII shall refer to Subtitle B,
which amends the U.S. securities laws.