CFTC and SEC Propose Joint Rules to Further Define the Terms “Swap Dealer,” “Security-Based Swap Dealer,” Major Swap Participant,” “Major Security-Based Swap Participant,” and “Eligible Contract Participant” Pursuant to Section 721 of the Dodd-Frank Act

By: Susan I. Gault-Brown, Anthony R.G. Nolan, Lawrence B. Patent

On December 21, 2010, the Commodity Futures Trading Commission and the Securities and Exchange Commission jointly proposed rules to clarify the Dodd-Frank Act definitions of the terms “swap dealer,” “security-based swap dealer,” “major swap participant,” and “major security-based swap participant,” and “eligible contract participant.” The proposed definitions, if finalized as proposed, would provide greater clarity to the scope of the definitions of those terms as used in the Dodd-Frank Act but would also have profound implications for a large number of participants in the swap and security-based swap market.

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