Regulatory Alerts2018-01-16 | 2018-00347Added
Treatment of Certain Communications Involving Security-Based Swaps That May Be Purchased Only by Eligible Contract Participants
The Securities and Exchange Commission adopted Rule 135d to clarify that certain communications involving security-based swaps restricted to eligible contract participants do not constitute offers under Section 5 of the Securities Act. The rule specifically exempts the publication of price quotes for such swaps traded on regulated platforms and written research reports meeting specific criteria from being deemed offers. This final rule aims to reduce regulatory uncertainty and support market liquidity by ensuring that standard market communications do not inadvertently trigger securities registration requirements.
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