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Interim Final Rule: Exemptions for Security-Based Swaps

Interim Final Rule: Exemptions for Security-Based Swaps

RIN: 3235-AL17

Agency/Agencies: SEC

Federal Register Publication Date: 07/11/2011

Summary: The SEC adopted interim final rules providing exemptions under the Securities Act of 1933 (“Securities Act”), the Securities Exchange Act of 1934 (“Exchange Act”), and the Trust Indenture Act of 1939 (“Trust Indenture Act”) for those security-based swaps that under current law are security-based swap agreements and will be defined as “securities” under the Securities Act and the Exchange Act as of July 16, 2011 due solely to the provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The interim final rules exempt offers and sales of these security-based swaps from all provisions of the Securities Act, other than the Section 17(a) anti-fraud provisions, as well as exempt these security-based swaps from Exchange Act registration requirements and from the provisions of the Trust Indenture Act, provided certain conditions are met. The interim final rules will remain in effect until the compliance date for final rules that the SEC may adopt further defining the terms “security-based swap” and “eligible contract participant.”

Ianthe Zabel
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