Overview

In accordance with Section 712(d)(1) of Title VII of the Dodd- Frank Wall Street Reform and Consumer Protection Act of 2010 ("Dodd- Frank Act'), the Commodity Futures Trading Commission ("CFTC') and the Securities and Exchange Commission ("SEC') (collectively, the "Commissions'), in consultation with the Board of Governors of the Federal Reserve System, are proposing rules and interpretative guidance under the Commodity Exchange Act ("CEA'), 7 U.S.C. 1 et seq., and the Securities Exchange Act of 1934 ("Exchange Act'), 15 U.S.C. 78a et seq., to further define the terms "swap dealer,' "security-based swap dealer,' "major swap participant,' "major security-based swap participant,' and "eligible contract participant.'