The SEC recently released proposed rules (Proposed Rules) intended to prevent fraud, manipulation and deception in connection with security-based swaps (SBSs) and undue influence over the CCOs of SBS dealers and major SBS participants. The Proposed Rules would also require any person with a large SBS position to publicly report certain information related to the position. In the press release announcing the Proposed Rules, SEC Chair Gary Gensler noted some of the swap-related risks that, at least partly, motivated the proposal. The Hedge Fund Law Report spoke to Fabien Carruzzo, partner at Kramer Levin, about the drivers and main goals of the Proposed Rules; concerns they may raise for hedge fund managers that engage in SBS transactions; the validity of concerns raised by Commissioner Hester M. Peirce; and the importance of submitting comments on the proposal – the deadline for which is barely a month away. For additional insights from Carruzzo, see “Implications of the SEC‑European Central Bank MOU on Security‑Based Swaps” (Oct. 14, 2021).