SEC, CFTC Approve Weaker Swaps Rule Under Dodd-Frank

Law360, New York (April 18, 2012, 1:24 PM EDT) -- Federal securities regulators on Wednesday approved a narrower definition for swaps dealers than they had originally proposed under the Dodd-Frank Act, following months of intense lobbying by industry groups wary of a crackdown in the $700 trillion derivatives market.

The U.S. Securities and Exchange Commission and Commodity Futures Trading Commission backed a definition for swaps dealers that would give a regulatory exemption to firms with less than $8 billion in aggregate trading each year. That threshold may eventually fall to $3 billion after a phase-in period,...
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