Securities and Exchange Commission
Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Securities and Exchange Commission [Release No. 34-106759; File No. S7-2026-38] October 28, 2026. On October 26, 2026, Mizuho Capital Markets LLC (“MCM”) requested that the Securities and Exchange Commission (“Commission”) increase the maximum fixed-dollar amount of an security-based swap dealer's (“SBSD”) aggregate gross notional outstanding security-based swap (“SBS”) positions to qualify for Rule 18a-10's  [ 1 ] alternative compliance mechanism (“ACM”) from $50 billion to $100 billion. [ 2 ] After considering the levels of SBS activity of SBSDs operating under Rule 18a-10, the Commission determines that it may be appropriate to change the maximum fixed-dollar amount for any SBSD eligible for Rule 18a-10 to $100 billion. Pursuant to Rule 18a-10(f)(2), the Commission is publishing this notice of the potential change to provide interested persons with an opportunity to comment. I. Background In 2019, the Commission adopted Rule 18a-1 and Rules 18a-3 through 18a-9 establishing capital, margin, segregation, recordkeeping, reporting, notification, and security count requirements applicable to SBSDs that are not banks and are not registered as broker-dealers (“stand-alone SBSDs”). [ 3 ] ( printed page 69027) The Commission also adopted Rule 18a-10, which establishes an ACM pursuant to which a stand-alone SBSD that is registered as a swap dealer and predominantly engages in a swaps business may elect to…
Citation: 91 FR 69026
