SEC Issues Final Rule on Exemptions for Security-Based Swaps Issued by Clearing Agencies

The SEC issued a final rule on EXEMPTIONS FOR SECURITY-BASED SWAPS ISSUED BY CERTAIN CLEARING AGENCIES (Download 33-9308[1]). The final rules exempt transactions by clearing agencies in these security-based swaps from all provisions of the Securities Act, other than the Section 17(a) anti-fraud provisions, as well as exempt these security-based swaps from Exchange Act registration requirements and from the provisions of the Trust Indenture Act, provided certain conditions are met.  They are effective April 16, 2012.