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Clients rely on our Finance Group to help them navigate the business and legal complexities of novel and multi-dimensional debt financing transactions. Our versatile finance practitioners work closely with our mergers and acquisitions, securities, tax, real estate and bankruptcy lawyers to provide seamless advice and innovative solutions that address our clients' debt financing needs related to all types of transactions and capital structures.
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.