SIFMA looks forward to the additional guidance addressing issues related to securities-based swaps being defined as securities, which is expected next week. The Dodd-Frank Act creates an entire new legal framework and entails a complex rulemaking agenda.
SIFMA issued the following statement from Ken Bentsen, Executive Vice President, following the announcement by the US Securities and Exchange Commission of guidance as to which of the Dodd-Frank Title VII provisions will apply to security-based swap transactions as of July 16, the effective date of Title VII, and granted temporary relief to market participants from compliance with certain of those requirements:
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SIFMA welcomes the SEC's guidance clarifying which of the Title VII requirements of the Dodd-Frank Act will apply as of the July 16th effective date of Title VII. The guidance appropriately defers substantially all of Title VII's requirements applicable to security-based swaps and provides temporary relief from most new Exchange Act requirements. We encourage and appreciate the efforts of regulators to get it right and to ensure markets are not disrupted while this important rulemaking proceeds.”
Press release
© SIFMA - Securities Industry and Financial Markets Association
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