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CFTC and SEC joint final rules on swap-related definitions to become effective on July 23

17 July 2012

SEC Update

On May 23, the Commodity Futures Trading Commission (CFTC) and the SEC published final rules and interpretive guidance under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) defining the terms “swap dealer,” “security-based swap dealer,” “major swap participant,” and “major security-based swap participant.” The Dodd-Frank Act divided the regulation of swaps between “swaps” overseen by the CFTC and “security-based swaps” overseen by the SEC. Unless exempt under the new rules, market participants covered by the definitions will be required to register as dealers or major participants and will be subject to requirements governing margin, minimum capital, and business conduct.

Read: "CFTC and SEC joint final rules on swap-related definitions to become effective on July 23"

The team

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