SEC Approves Overdue Derivatives Definitions

Law360, New York (July 9, 2012, 12:45 PM EDT) -- The U.S. Securities and Exchange Commission on Friday defined several key terms, including “swap” and “security-based swap,” needed to implement the mass of new rules pending for the roughly $650 trillion over-the-counter derivatives market.

In a closed-door meeting, the commission voted unanimously to approve proposed definitions for the terms, but it held off on publishing the final rules because its sister agency, the U.S. Commodity Futures Trading Commission, must also sign off on them. The CFTC will hold a public meeting Tuesday morning to consider the...
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