The SEC, pursuant to its mandate under the Dodd-Frank Act, has proposed a new rule requiring the delivery of trade confirms for security-based swap transactions.  The confirm requirement would apply to the designated security-based swap dealer, major security-based swap participant, or one of the counter-parties.  The confirm must be delivered within 15 minutes for an electronically executed transaction, 30 minutes for transactions that are only processed electronically, and 24 hours for manual transactions.  The confirm must contain broad information about the transaction including asset class, notional amount, price, and terms. 

OUR TAKE: Now that the SEC has broad authority over security-based swaps, it follows that it would apply similar confirm rules to swaps as it does for other securities transactions.

 http://www.sec.gov/rules/proposed/2011/34-63727.pdf