SEC Regulation of Security-based Swaps

Disclosure, documentation compliance and margin requirements

Tuesday, September 28, 2021
ISDA Conference Center
New York / Online

Register for SEC Regulation of Security-based Swaps
Event begins in:

In-person fee

  • Member
  • Non-Member
  • US$325.00
  • US$375.00

Online fee

  • Member
  • Non-Member
  • US$275.00
  • US$325.00

For market participants who enter into security-based swaps, 2021 brings new SEC rules implementing Dodd-Frank Title VII requirements for these products. While many of the regulatory obligations will fall primarily on those entities that are required to register as security-based swap dealers or major security-based swap participants, some of the rules will require new information to be obtained or new documentation to be put in place with counterparties.

This conference will provide delegates with an overview of the new rules, and will focus on the actions that will need to be taken by non-dealer entities that enter into security-based swaps, such as corporate end-users, investment funds and insurance companies. It will explore ISDA’s new documentation solutions for SEC compliance, including the ISDA U.S. Self-Disclosure Letter, the ISDA 2021 SBS Top-Up Protocol, the ISDA 2021 SBS Protocol Agreement, and the SEC initial margin documents.


Registration for online attendance will close 2 hours before the event start time.

Registration for in-person attendance will close 24 hours before the event.


This event will be available to attend in-person or virtually:

  • Event will be live on September 28, 2021 from 9:00 AM – 1:15 PM EDT  |  Timezone Converter
  • Miss part of the event or aren’t able to watch live? The recording will be available to both in-person and online registrants until October 28, 2021.


Attending In-person:

  • Registration must be received 24 hours prior to the event. Attendance is by pre-registration only, NO walk-ins will be accepted.
  • All in-person attendees MUST be vaccinated and complete a COVID-19 Safety Acknowledgement form within 24 hours of the start of the event. View our full In-Person Attendance Policy. The safety acknowledgement form will be sent to registered in-person attendees prior to the event. View the acknowledgement form here. If you do not submit the form online you must complete it upon or arrival or you may be denied entry.
  • By registering you must agree to adhere to ISDA guidelines for attendance outlined in the policies on the registration form, subject to change in accordance with local government guidance and mandates.


Educational Credits

4 CLE Credit Hours Available (New York) Transitional and Non-Transitional

4 CPE Credit Hours Available

3.5 CPD Credit Hours Available (England and Wales)

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Tuesday, September 28, 2021

Print Agenda SEC Regulation of Security-based Swaps for

8:30 AM Registration and Continental Breakfast

9:00 AM Introduction and Welcoming Remarks Mark New

Mark New, Senior Counsel, Americas, ISDA

9:05 AM Overview of SEC Dodd-Frank Title VII Security-based Swap Requirements Ilene K. Froom, Jeffrey L. Robins

The SEC’s Dodd-Frank Title VII security-based swap regulations cover similar ground as the CFTC requirements for swaps that have been implemented over the past several years, but there are some differences that parties should be aware of. This session will provide an overview of the SEC rules, focusing on the scope of the SEC rules from a product and cross-border perspective, and differences with the comparable CFTC rules, including:

  • What are security-based swaps and security-based swap dealers?
  • Cross-border I: Which SBS are counted towards registration requirements?
  • Cross-border II: Which SBS are subject to regulatory requirements?
  • What regulatory obligations will apply to registered SBS entities, and which are more likely to impact non-registered entities?
  • Will any regulatory obligations apply directly to non-registered entities?
Ilene K. Froom, Partner, Reed Smith LLP
Jeffrey L. Robins, Partner, Debevoise & Plimpton LLP

10:00 AM Disclosure of Cross-border Status and the ISDA U.S. Self-Disclosure Letter, and the SEC IM Segregation Rights Notice Maria-Ines Raij

In many cases, dealer entities will need to categorize counterparties under various possible statuses set out in cross-border rules and margin rules to determine whether SBS regulatory requirements apply. Sometimes the status may be self-evident, but in other cases the determination may depend on information that is only known to the counterparty. The ISDA U.S. Self-Disclosure Letter provides a standardized list of questions to elucidate the information needed, consolidating the SEC questions with similar questions under CFTC and prudential regulators’ rules to eliminate redundancies and provide a single onboarding tool that requires the least amount of information from counterparties to determine regulatory status across the different rulesets. This session will examine the letter. It will also explain the purpose of the SEC IM segregation rights notice forms published by ISDA.

Maria-Ines Raij, Executive Director, Morgan Stanley
Additional Speakers to be Announced.

10:50 AM Break & Online Q&A

Select speakers will be available via chat to answer questions submitted by the live virtual audience.

11:05 AM The ISDA 2021 SBS Top-Up Protocol and the ISDA 2021 SBS Protocol Agreement Sherry Kurisinkal, Mark New, Jeffrey L. Robins, Oda Wypior

Many firms will be familiar with ISDA’s two Dodd-Frank Protocols from August 2012 and March 2013, which addressed various requirements from the CFTC swaps regulatory regime that required or could be facilitated by documentation between counterparties. The approach taken for SEC rules will be very similar, leveraging the work done for CFTC. Parties will in some cases be able to top up a previous CFTC protocol, and in others will need to put in place documentation for SEC rules that closely follows the CFTC requirements. The two Protocols that implement these approaches will be examined in this session.

Sherry Kurisinkal, Director, Platforms & Regulatory Compliance, IHS Markit
Mark New, Senior Counsel, Americas, ISDA
Jeffrey L. Robins, Partner, Debevoise & Plimpton LLP
Oda Wypior, Executive Director and Assistant General Counsel, JPMorgan

12:15 PM New SEC Initial Margin Documents Douglas J. Donahue, Ryan Patino

The SEC’s margin rules contain some notable features compared to other margin rules that have been enacted in the past several years. In particular initial margin is not required to be held with an independent custodian. This session will provide a short overview of how these differences are reflected in new ISDA documents to expand existing margin documents to reflect the new rules.

Douglas J. Donahue, Partner, Linklaters LLP
Ryan Patino, Partner, Teigland-Hunt LLP

1:15 PM Conference Concludes

Agenda is subject to change.

Register Now for SEC Regulation of Security-based Swaps
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ISDA Conference Center, 10 East 53rd Street (entrance on 52nd and 53rd Street), 8th Floor, New York, NY 10022, Phone: +1 (212) 901-6000. Please find a map to the venue here.

Security at 10 East 53rd Street:

  • Please bring photo ID and present to security upon arrival
  • Your temperature will be scanned at the security desk
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Douglas J. Donahue


Linklaters LLP


Ilene K. Froom


Reed Smith LLP


Sherry Kurisinkal

Director, Platforms & Regulatory Compliance

IHS Markit


Mark New

Senior Counsel, Americas



Ryan Patino


Teigland-Hunt LLP

Maria-Ines Raij

Executive Director

Morgan Stanley

Jeffrey L. Robins


Debevoise & Plimpton LLP

Oda Wypior

Executive Director and Assistant General Counsel



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Basic knowledge of derivatives documentation is beneficial but not mandatory. Some knowledge of financial markets is assumed. No advance preparation is required.

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ISDA is an accredited provider of continuing education credits by the following organizations:

  • CLE

    ISDA has been certified by the New York State Continuing Legal Education Board as an Accredited Provider of continuing legal education in the state of New York.

  • CPE Sponsory

    ISDA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors: 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417.

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