Friday, April 27, 2012
SEC Posts Final Rules Defining Key Security-Based Swaps Terms
The SEC has posted the 644 page text of a rulemaking release adding Exchange Act definitions of key terms for security-based swaps. These rules were adopted unanimously at the Commission’s open meeting on April 18, 2012. The swaps and security-based swaps definitions were jointly issued with the Commodity Futures Trading Commission, following consultation with the Fed. The Commission also has issued a FactSheet describing key provisions. The rules are effective 60 days following publication in the Federal Register, although some CFTC final and interim rules have separate compliance dates and comment periods.