SEC sets out registration exemptions
Friday 10 June 2011 - by Andrew Hickley
The Securities and Exchange Commission has proposed rules that would exempt central counterparties from registering trades in order to ease the clearing of transactions.
"We believe that the proposed exemptions from the Securities Act, Exchange Act, and Trust Indenture Act are necessary to facilitate the intent of the Dodd-Frank Act with respect to mandatory clearing of security-based swaps."
The SEC has already brought in temporary exemptions for credit default swaps, which will now be made permanent.
Respondents have until 25 July to reply to the proposals, meaning these temporary rules will be extended beyond their current termination date of 16 July.
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