Regulatory Alerts2012-08-13 | 2012-18003Further Definition of Swap, Security-Based Swap, and Security-Based Swap Agreement; Mixed Swaps; Security-Based Swap Agreement Recordkeeping
The Commodity Futures Trading Commission and the Securities and Exchange Commission jointly adopted final rules to further define the terms swap, security-based swap, and security-based swap agreement under the Dodd-Frank Act. The regulations establish specific criteria for mixed swaps, clarify exclusions for insurance products and forward contracts, and impose books and records requirements for security-based swap agreements. Additionally, the CFTC requested public comment on its interpretation regarding forwards with embedded volumetric optionality while the SEC finalized its anti-evasion rules.
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