CFTC and SEC publish key swap product definition rules under Dodd-Frank
On 13 August 2012, the US Securities and Exchange Commission and US Commodity Futures Trading Commission published in the Federal Register joint final rules and interpretive guidance further defining the terms ‘swap’, ‘security-based swap’, ‘mixed swap’, and ‘security-based swap agreement’ pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. The scope of these terms determines which transactions, and which parties to a transaction, will be subject to many of the derivatives regulatory provisions of Title VII of the Dodd-Frank Act.
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