Regulators clarify key swap-related Dodd-Frank definitions

On April 18, the Commodity Futures Trading Commission (CFTC) voted 4-1 and the Securities and Exchange Commission (SEC) voted 5-0 to adopt rules defining “swap dealer,” “security-based swap dealer,” “major swap participant,” “major security-based swap participant,” and “eligible contract participant” as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).1 Any registration required as a result of satisfying the definitions will not be required until other rules are finalized, including the rules defining “swap” and “security-based swap.” The CFTC also voted 5-0 to adopt an interim final rule (the Interim Final Rule) excluding from the definition of “swap dealer” those swaps entered into to hedge a physical position.

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