Alert May 03, 2011

SEC and CFTC Jointly Propose Rules and Interpretive Guidance Regarding Swap, Security-Based Swap and Mixed Swap Matters Pursuant to Dodd-Frank

In consultation with the FRB, the SEC and CFTC jointly issued proposed rules and proposed interpretive guidance further defining the terms “swap,” “security-based swap,” and “security‑based swap agreement,” and addressing “mixed swaps” and books and records with respect to “security-based swap agreements.”  The joint rulemaking is mandated under the Dodd‑Frank Act.  Comments on the proposed rules and interpretive guidance are due 60 days after their publication in the Federal Register.