Key takeaways:

• 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.