SEC & CFTC Propose More Rules on Swaps

The SEC today voted unanimously to propose rules further defining the terms “swap,” “security-based swap,” and “security-based swap agreement.”  It also proposed rules regarding “mixed swaps” and books and records for “security-based swap agreements.”  The rules were proposed jointly with the Commodity Futures Trading Commission (CFTC) and stem from the Dodd-Frank Act.

Public comments on the rule proposal should be received within 60 days after it is published in the Federal Register.