August 19, 2011
SEC & CFTC Seek Public Comment for Study on Stable Value Contracts
The SEC and CFTC request public comment to assist in conducting a joint study on stable value contracts that is required by Title VII of the Dodd-Frank Act. That Title, which provides for the comprehensive regulation of swaps and security-based swaps, requires the SEC and CFTC to jointly conduct a study to determine whether stable value contracts fall within the definition of a swap, and if so, whether exempting such contracts from the swap definition is appropriate and in the public interest.
The Dodd-Frank Act calls for the SEC and CFTC to make the determination in consultation with the Department of Labor, the Department of the Treasury, and the state entities that regulate the issuers of stable value contracts.
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