SEC Temporarily Exempts Some Swaps From New Rules

Law360, New York (July 1, 2011, 6:33 PM EDT) -- The U.S. Securities and Exchange Commission granted temporary relief Friday to security-based swap transactions that exempts them from some new rules set to go into effect July 16 as part of last year's financial reform legislation.

The order and a request for public comment came as the commission issued additional guidance aimed at clarifying which U.S. securities laws will apply to the swaps when Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act takes effect.

"As we move forward with the implementation of...
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