Acceptance of Public Submissions Regarding the Study of Stable Value Contracts

The Commodity Futures Trading Commission (the "CFTC') and the Securities and Exchange Commission (the "SEC' and, together with the CFTC, the "Commissions') are reopening the comment period for a study to determine whether stable value contracts ("SVCs') fall within the definition of a swap. The study is required by Section 719(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act'). The original comment period for the study closed on September 26, 2011. The Commissions did not complete the study pending adoption of final rules further defining the terms "swap' and "security-based swap.' The Commissions are considering the study in light of the recent adoption of these final rules. Accordingly, the Commissions are reopening for 30 days the time period in which to provide the Commissions with comments.