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SEC Proposed Rule for Treatment of Certain Communications of Security-Based Swap Quotes
23 September 2014
View Client Update
The SEC has published a proposed rule providing that certain communications involving quotes of security-based swaps will not be deemed to constitute offers of such security-based swaps (or any guarantees of such security-based swaps that are securities) for purposes of the registration requirements applicable to offers and sales of securities under the Securities Act.
The proposed rule applies only to the publication or distribution of quotes relating to security-based swaps that (1) may be purchased only by "eligible contract participants" and (2) are traded on or through a trading system or platform that either is registered as a national securities exchange or a security-based swap execution facility or is exempt from registration as a security-based swap execution facility.
The proposed rule is limited to the treatment of certain price quotes and would not otherwise affect the provisions of any exemptions from the registration requirements of the Securities Act.
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