CFTC and SEC Release Joint Final Rule on Key Entity Definitions in Title VII of the Dodd-Frank Act

8 June 2012
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Key takeaways:

  • The final rules for the definitions of "swap dealer," "major swap participant," "security-based swap dealer," and "major security-based swap participant," as adopted by the CFTC and the SEC, were published in the Federal Register on May 23, 2012.
  • These definitions are crucial to the implementation of the new swap regulatory framework mandated by the Dodd-Frank Act as swap parties who are covered by those definitions will be required to register with CFTC or the SEC and will be subject to numerous new regulatory requirements.
  • These final rules will become effective on July 23, 2012.