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SEC and CFTC Seek Comments on Swaps

As required by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, The SEC and CFTC have published a joint concept release requesting public comment to assist the agencies in further defining certain key terms and potential regulations regarding "swaps."  Title VII of the Dodd-Frank Act mandates the creation of a comprehensive regulatory regime for swaps and security-based swaps.  Although the legislation includes definitions of key terms relating to such regulation, it also requires the CFTC and the SEC, jointly and in consultation with the Board of Governors of the Federal Reserve System, to define further some specific terms such as "swap," "security-based swap," "swap dealer," "security-based swap dealer," "major swap participant," "major security-based swap participant," "eligible contract participant" and "security-based swap agreement."  Title VII of the Dodd-Frank Act also requires the CFTC and SEC to issues regulations regarding "mixed swaps" as necessary to create a comprehensive regulatory framework for swap instruments.

The joint SEC-CFTC concept release invites public comment with respect to all aspects of the statutory definitions of these specific key terms, as well as the potential regulation of "mixed swaps."

The full text of the concept release is available at:

Comments are due 30 days after the concept release is published in the Federal Register.