On October 18, 2012, the Securities and Exchange Commission (the "SEC") issued Release No. 34-68071 containing its proposed rules (the "Proposed Rules") relating to the capital, margin and segregation requirements with respect to security-based swaps ("SBSs") for security-based swap dealers ("SBSDs") and major security-based swap participants ("MSBSPs"). The capital and margin requirements of the Proposed Rules apply to SBSDs and MSBSPs that are not subject to the supervision of a prudential regulator whereas the segregation requirements apply to all SBSDs and MSBSPs. The Proposed Rules also affect broker-dealers whether or not they are SBSDs. The original comment period for the Proposed Rules expired 60 days following publication in the Federal Register; the SEC recently extended that comment period until February 22, 2013.
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