Securities/Commodities: Recent SEC and CFTC Activity on Swaps

On August 13, the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jointly issued two releases pertaining to swaps. First, the SEC and CFTC announced that their staffs "will hold a public roundtable on August 20 to discuss issues related to governance and conflicts of interest in the clearing and listing of swaps and security-based swaps." The release noted that the roundtable "will assist both agencies in the rulemaking process to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act." The release includes details about attendance in person and by phone.

Second, the SEC and the CFTC published a joint advance notice of proposed rulemaking (ANPR) that requests public comment to assist both agencies in further defining certain key terms and prescribing regulations regarding "mixed swaps" as required by Title VII of Dodd-Frank. The press release regarding the ANPR states that the agencies "invite public comment with respect to all aspects of the statutory definitions of these key terms," and on the regulation of "mixed swaps." The SEC has a portal for comments on the ANPR.