Regulatory Developments: SEC holds meeting to approve rules with respect to certain key product definitions


On July 6, in a closed meeting, the SEC unanimously approved rules and interpretations in respect of key definitions such as the terms "swap" and "security-based swap." The SEC rules and guidance addresses whether a particular instrument is a "swap" regulated by the CFTC, a “security-based swap” regulated by the SEC, or a "mixed swap," regulated by both agencies. The SEC also addressed "security-based swap agreements," which are regulated by the CFTC but over which the SEC has antifraud and other authority.

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Published In: Administrative Agency Updates, Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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