CFTC and SEC Propose Rules for Swaps and Security-Based Swaps

On December 7, in accordance with the Dodd-Frank Act, the CFTC and the SEC proposed rules and interpretative guidance under the Commodity Exchange Act to further define the terms “swap dealer”, “security-based swap dealer”, “major swap participant”, “major security-based swap participant” and “eligible contract participant”. Comments must be submitted within 60 days of publication in the Federal Register. SEC Release.