Our Finance Group helps clients navigate the business and legal complexities of novel and multidimensional debt financing transactions. We fully understand the challenges faced by borrowers, investors and lenders throughout a company’s lifecycle, from evolving techniques in acquisition finance to the tensions inherent in distressed situations. We are the firm of choice for the most innovative and complex financing matters, including bespoke structured financings and whole-business securitizations of novel assets and restructurings of multibillion-dollar companies.
SEC, CFTC Finalize Definition of “Swap,” “Security-Based Swap,” “Security-Based Swap Agreement” and “Mixed-Swap,” Triggering Effectiveness of Swap Regulations
August 13, 2012 Read the memo
Today, the SEC and CFTC jointly published final rules further defining the terms "swap," "security-based swap," "mixed swap" and "security-based swap agreement" and providing interpretive guidance with respect to particular products (the "Final Product Definitions"). Publication of the Final Product Definitions triggers the implementation of various regulatory requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 with respect to "swaps" regulated by the CFTC. The CFTC has proposed phased-in compliance schedules for many of these rules to provide additional time for market participants to adapt to the new regime so as not to unduly disrupt markets and existing custom. Publication of the Final Product Definitions does not trigger the implementation of regulatory requirements with respect to "security-based swaps" regulated by the SEC as the SEC will sequence implementation of regulations relating to security-based swaps in accordance with a previously issued policy statement.