US SEC set to delay derivs rules
Monday 13 June 2011 - by Andrew Hickley
The US Securities and Exchange Commission has announced it will publish guidance informing the industry which derivatives rules it will postpone past a 16 July deadline.
"Under Dodd Frank, security-based swaps would be included in the definition of "security" under the Exchange Act.
"While such swaps will be subject to provisions addressing fraud and manipulation, the Commission intends to provide temporary relief from certain other provisions of the Exchange Act so that the industry will have time to seek, and the Commission can consider, what if any further guidance or action is required.
It will take "a series of actions in the coming weeks" to clarify the requirements that will apply to security-based swaps, it said.
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