The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are asking for comments on the definitions they should use when implementing new swaps market statutes.
The SEC and CFTC are about to publish a joint notice of proposed rulemaking on swaps definitions in the Federal Register.
Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act will create a new regulatory system for swaps.
The SEC and the CFTC are supposed to work together, and with the Federal Reserve Board, to define terms such as “swap,” “major swap participant,” “major security-based swap participant,” and “eligible contract participant” that will be used in regulatory efforts.
Comments on the definitions will be due 30 days after the notice appears in the Federal Register, officials say.