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Form SBSE-W Filings

SEC Form SBSE-W is a formal filing used by security-based swap dealers and major security-based swap participants to request withdrawal from registration with the Securities and Exchange Commission.

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What Is SEC Form SBSE-W?

SEC Form SBSE-W is an important filing used by security-based swap dealers and major security-based swap participants to withdraw their registration from the Securities and Exchange Commission under the Securities Exchange Act of 1934. The SEC identifies SBSE-W as the “Request for Withdrawal from Registration as a Security-based Swap Dealer or Major Security-based Swap Participant.”

This form is typically filed when a registrant has ceased the relevant business, is winding down operations, is no longer doing security-based swap business in the United States, or no longer fits the definition of a major security-based swap participant. It must be filed electronically through EDGAR, and the registrant must update any incomplete or inaccurate information in its prior SBSE registration filing before submitting Form SBSE-W.

Form SBSE-W helps the SEC process the withdrawal of registration for an SBS Entity while capturing key information on the reason for withdrawal, collateral status, pending matters, and books-and-records custody. The filing is part of the SEC’s registration and withdrawal framework for security-based swap dealers and major security-based swap participants.

Key elements typically found in SEC Form SBSE-W include:

  • Name of the registrant and identifying numbers
  • Type of registration being withdrawn
  • Date the firm ceased business
  • Reason for seeking withdrawal from SEC registration
  • Information about segregated counterparty collateral, if any
  • Disclosure regarding certain investigations, complaints, or private civil litigation
  • Name and address of the person who will have custody of books and records

SEC Form SBSE-W Filing Deadlines

SEC Form SBSE-W does not have a fixed periodic filing deadline. It is generally filed when a registrant seeks to withdraw its registration, and the timing depends on the underlying facts and withdrawal decision.

Filing Stage Timeline Details
Decision to Withdraw As needed The form is used when a security-based swap dealer or major security-based swap participant seeks to withdraw its SEC registration
Form SBSE-W Filing As needed Filed electronically with the SEC through EDGAR
Pre-Filing Registration Update As needed Prior SBSE, SBSE-A, or SBSE-BD information must be updated if incomplete or inaccurate before filing
Fixed Periodic Deadline Not applicable The form is event-driven rather than subject to a recurring filing calendar

Key Things to Know About Form SBSE-W Filing Rules

  • Prior Registration Information Must Be Updated: Before filing Form SBSE-W, the registrant must update any incomplete or inaccurate information in Form SBSE, Form SBSE-A, or Form SBSE-BD, as applicable.
  • Electronic Filing Is Required: The form must be submitted through the EDGAR system in accordance with the EDGAR Filer Manual.
  • Collateral Information May Be Required: If the registrant holds segregated counterparty collateral, Form SBSE-W requires disclosure about the number of counterparties, the amount of money held, the market value of securities held, and arrangements for return of collateral.
  • Books and Records Custody Must Be Disclosed: The filing requires the name and address of the person who will have custody of books and records, along with the location of those records if different.
  • Used for Withdrawal From SBS Registration: Form SBSE-W applies to registered security-based swap dealers and major security-based swap participants that are withdrawing from SEC registration, rather than making an initial application or amendment.

SEC Form SBSE-W is a withdrawal filing used by security-based swap dealers and major participants to terminate SEC registration. Analysts may monitor financial disclosures such as corporate financial obligations, review governance developments like shareholder director nominations, or track structural changes such as changes of Servicers or Trustees.

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