SEC Proposes Anti-Fraud Rule For Swaps

Law360, New York (November 4, 2010, 2:52 PM EDT) -- The U.S. Securities and Exchange Commission has released a proposed rule to combat fraud, manipulation and deception in securities-based swaps, part of the broader package of derivative reforms passed this year in the Dodd-Frank Wall Street Reform and Consumer Protection Act.

SEC commissioners voted unanimously on Wednesday to propose the new rule, which is modeled after the SEC's broader anti-fraud statutes governing securities markets.

The Dodd-Frank Act, signed into law in July, gives the SEC jurisdiction over security-based swaps, generally defined as swaps based on a...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.