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SEC CFTC Seek Comments on Dodd-Frank Swap Proposals

Melissa Klein Aguilar | December 8, 2010

The Securities and Exchange Commission and the Commodity Futures Trading Commission are forging ahead with their Dodd-Frank Act mandate to write new rules to bring the derivatives market under the regulatory umbrella.

As part of their work to establish a framework for regulating the over-the counter swaps market, the agencies have published their proposed definitions of the terms “swap dealer,” “security-based swap dealer,” “major swap participant,” “major security-based swap participant” and “eligible contract participant.” Those definitions will determine which swap dealers will be subject to registration, margin, capital and business conduct requirements.

The SEC has authority over security-based swaps-defined as swaps based on a single security, a loan, or a narrow-based group or index of securities, or events relating to a...

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