December 4, 2010
SEC & CFTC Propose Definitions for Swaps Market Terms
At its December 3 open meeting the SEC voted unanimously to propose joint rules with the Commodity Futures Trading Commission (CFTC) that would further define a series of terms related to the security-based swaps market, including “swap dealer,” “security-based swap dealer,” “major swap participant,” “major security-based swap participant” and “eligible contract participant.” The rules seek to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which among other things established a comprehensive framework for regulating the over-the counter swaps market.
The SEC is seeking public comment on the proposed rules for a period of 60 days following their publication in the Federal Register.
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