SEC Posts New Definitions and Rules Regarding Swaps

On April 27 the SEC posted new rules and interpretive guidance under the Commodity Exchange Act (“CEA”), and the Securities Exchange Act of 1934 (“Exchange Act”), to further define the terms “swap dealer,” “security-based swap dealer,” “major swap participant,” “major security-based swap participant,” and “eligible contract participant.”(Download 34-66868[1])  The final rules are effective 60 days after publication in the Federal Register.