{"abstract":"In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act (\"Dodd-Frank Act\"), the Securities and Exchange Commission (\"Commission\"), pursuant to the Securities Exchange Act of 1934 (\"Exchange Act\"), is adopting capital and margin requirements for security-based swap dealers (\"SBSDs\") and major security-based swap participants (\"MSBSPs\"), segregation requirements for SBSDs, and notification requirements with respect to segregation for SBSDs and MSBSPs. The Commission also is increasing the minimum net capital requirements for broker-dealers authorized to use internal models to compute net capital (\"ANC broker-dealers\"), and prescribing certain capital and segregation requirements for broker-dealers that are not SBSDs to the extent they engage in security-based swap and swap activity. The Commission also is making substituted compliance available with respect to capital and margin requirements under Section 15F of the Exchange Act and the rules thereunder and adopting a rule that specifies when a foreign SBSD or foreign MSBSP need not comply with the segregation requirements of Section 3E of the Exchange Act and the rules thereunder.","action":"Final rule.","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2019/08/22/2019-13609.html","cfr_references":[{"chapter":null,"citation_url":null,"part":200,"title":17},{"chapter":null,"citation_url":null,"part":240,"title":17}],"citation":"84 FR 43872","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":[],"dates":"Effective date: October 21, 2019.","disposition_notes":null,"docket_ids":["Release No. 34-86175","File No. S7-08-12"],"dockets":[],"document_number":"2019-13609","effective_on":"2019-10-21","end_page":44077,"executive_order_notes":null,"executive_order_number":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2019/08/22/2019-13609.xml","html_url":"https://www.federalregister.gov/documents/2019/08/22/2019-13609/capital-margin-and-segregation-requirements-for-security-based-swap-dealers-and-major-security-based","images":{"ER22AU19.002":{"large":"https://img.federalregister.gov/ER22AU19.002/ER22AU19.002_large.png","original_size":"https://img.federalregister.gov/ER22AU19.002/ER22AU19.002_original_size.png"},"ER22AU19.001":{"large":"https://img.federalregister.gov/ER22AU19.001/ER22AU19.001_large.png","original_size":"https://img.federalregister.gov/ER22AU19.001/ER22AU19.001_original_size.png"},"ER22AU19.000":{"large":"https://img.federalregister.gov/ER22AU19.000/ER22AU19.000_large.png","original_size":"https://img.federalregister.gov/ER22AU19.000/ER22AU19.000_original_size.png"}},"images_metadata":{"ER22AU19.002":{"large":{"identifier":"ER22AU19.002","content_type":"image/png","size":42552,"width":823,"sha":"676b72257fe610e45f08031c2da5313a","url":"https://img.federalregister.gov/ER22AU19.002/ER22AU19.002_large.png","height":630},"original_size":{"identifier":"ER22AU19.002","content_type":"image/png","size":193392,"width":3660,"sha":"6d78be4a604f78e40138076bedfa1568","url":"https://img.federalregister.gov/ER22AU19.002/ER22AU19.002_original_size.png","height":2800}},"ER22AU19.001":{"large":{"identifier":"ER22AU19.001","content_type":"image/png","size":38989,"width":823,"sha":"9cc9adf8418fcde1f23fbb4fdcc39bb3","url":"https://img.federalregister.gov/ER22AU19.001/ER22AU19.001_large.png","height":684},"original_size":{"identifier":"ER22AU19.001","content_type":"image/png","size":209942,"width":3636,"sha":"a9939ce979b0c2e7e28d58eba1f8d8aa","url":"https://img.federalregister.gov/ER22AU19.001/ER22AU19.001_original_size.png","height":3023}},"ER22AU19.000":{"large":{"identifier":"ER22AU19.000","content_type":"image/png","size":55497,"width":823,"sha":"411e10554b4e0b9e3f599941f6787ae5","url":"https://img.federalregister.gov/ER22AU19.000/ER22AU19.000_large.png","height":652},"original_size":{"identifier":"ER22AU19.000","content_type":"image/png","size":141531,"width":3854,"sha":"2f1b1a85a60a59ad69f3af07ac7bf075","url":"https://img.federalregister.gov/ER22AU19.000/ER22AU19.000_original_size.png","height":3054}}},"json_url":"https://www.federalregister.gov/api/v1/documents/2019-13609?publication_date=2019-08-22","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2019-08-22/2019-13609/mods.xml","not_received_for_publication":null,"page_length":206,"page_views":{"count":7179,"last_updated":"2026-08-24 04:15:06 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2019-08-22/pdf/2019-13609.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2019-13609.pdf?1566391518","publication_date":"2019-08-22","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2019/08/22/2019-13609.txt","regulation_id_number_info":{"3235-AL12":{"issue":"201904","html_url":"https://www.federalregister.gov/regulations/3235-AL12/capital-margin-and-segregation-requirements-for-security-based-swap-dealers-and-capital-requirements","title":"Capital, Margin, and Segregation Requirements for Security-Based Swap Dealers and Capital Requirements for Broker-Dealers","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=201904&RIN=3235-AL12&operation=OPERATION_EXPORT_XML","priority_category":"Substantive, Nonsignificant"}},"regulation_id_numbers":["3235-AL12"],"regulations_dot_gov_info":{"checked_regulationsdotgov_at":"2019-08-25T17:00:10Z"},"regulations_dot_gov_url":null,"significant":false,"signing_date":null,"start_page":43872,"subtype":null,"title":"Capital, Margin, and Segregation Requirements for Security-Based Swap Dealers and Major Security-Based Swap Participants and Capital and Segregation Requirements for Broker-Dealers","toc_doc":"Capital, Margin, and Segregation Requirements for Security-Based Swap Dealers and Major Security-Based Swap Participants and Capital and Segregation Requirements for Broker-Dealers","toc_subject":null,"topics":["Administrative practice and procedure","Authority delegations (Government agencies)","Brokers","Civil rights","Classified information","Confidential business information","Environmental impact statements","Equal employment opportunity","Federal buildings and facilities","Fraud","Freedom of information","Government securities","Organization and functions (Government agencies)","Privacy","Reporting and recordkeeping requirements","Securities","Sunshine Act"],"type":"Rule","volume":84}