SEC Wants Change in Dodd-Frank

Agency urges Congress to amend law’s barrier to sharing swaps data with global regulators.

Congress should amend the Dodd-Frank Act to remove barriers to global regulators sharing data about the $708 trillion swaps market, the U.S. Securities and Exchange Commission’s head of international affairs said.

The 2010 law requires regulators from other nations to indemnify so-called swap-data repositories and U.S. regulators against litigation costs before accessing the data. The requirement may undermine regulators’ access to data kept in repositories such as the Depository Trust and Clearing Corp. as they seek to enforce new rules designed to reduce risk and increase transparency.

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