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SEC Issues Concept Release on Swap Definitions and Announces Roundtable on Clearing and Listing of Swaps

By | August 13, 2010

 Section 712(d) and 721(c) of the Dodd-Frank Act requires the SEC and CFTC to define certain terms such as “swap”, “security-based swap”, “swap dealer”, “security-based swap dealer”, “major swap participant”, “major security-based swap participant”, “eligible contract participant”, and “security-based swap agreement”.   The SEC today posted this concept release to gather public input for the purpose of defining those terms together with the regulation of “mixed swaps.”

In addition, the Securities and Exchange Commission and Commodity Futures Trading Commission staffs will hold a public roundtable on August 20 to discuss issues related to governance and conflicts of interest in the clearing and listing of swaps and security-based swaps.

The roundtable will assist both agencies in the rulemaking process to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Contact Steve Quinlivan for more information.