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Alternative Market Briefing

SEC approves new derivatives rules, more to follow

Tuesday, July 10, 2012

Bailey McCann, Opalesque, New York: The Securities and Exchange Commission (SEC) has approved new rules and guidance for derivatives. The rules are the next step in regulation of the over-the-counter derivatives market in the US, and outline specific definitions for terms such as swaps and security-based swaps. The rules also outline what instruments constitute a swap as regulated by the Commodities Futures Trading Commission (CFTC).

The SEC action also addresses "mixed swaps," which are regulated by both agencies, and "security-based swap agreements," which are regulated by the CFTC but over which the SEC has antifraud and other authority. The finalized rules are part of the rules requirements set out in the Dodd-Frank Act, a financial regulatory measure passed by the US Congress in 2010.

Once both agencies adopt the final rules, they will become effective 60 days after the date of publication in the Federal Register. The CFTC is expected to issue several hundreds of pages more of rules on swaps tomorrow, that will further define how the regulator will oversee swap activities. Rules are expected to continue coming from both regulators at a rapid pace through the second half of the year as they work to meet the G20 financial regulation deadline at the end of this year.

The International Swaps and Derivatives Association Inc. and Financial Markets Association filed a ......................

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