On July 6, in a closed meeting, the SEC unanimously approved rules and interpretations in respect of key definitions such as the terms "swap" and "security-based swap." The SEC rules and guidance addresses whether a particular instrument is a "swap" regulated by the CFTC, a “security-based swap” regulated by the SEC, or a "mixed swap," regulated by both agencies. The SEC also addressed "security-based swap agreements," which are regulated by the CFTC but over which the SEC has antifraud and other authority.
A meeting of the CFTC is scheduled to be held on July 10 to address such definitions and guidance from the perspective of the CFTC.
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