SEC Extends Exemptions for Security-based Swaps

On February 5, the Securities and Exchange Commission issued an extension of interim final rules that provide exemptions for security-based swaps from securities laws under the Securities Act of 1933, the Securities Exchange Act of 1934 and the Trust Indenture Act of 1939. Originally set to expire on February 11, 2014, the exemptions will now remain effective an additional three years until February 11, 2017. The exemptions allow market participants to continue trading security-based swaps without interruption while the SEC finishes its regulatory regime for security-based swaps and evaluates the implications of including security-based swaps in the definition of “security.” 

The interim final rule extension is available here.