By Cydney Posner

Following is a link to the SEC's press release regarding its proposed rules and interpretive guidance on swaps and security-based swaps.  Under Dodd-Frank, swaps will be subject to a new regulatory framework. The press release specifically identifies some of the consumer and commercial transactions and instruments that will not be considered swaps and outlines factors the SEC will consider in determining whether other consumer and commercial transactions are swaps or security-based swaps. Those of you who work with agreements or instruments that have the potential to be considered swaps might want to review the press release (and perhaps even the proposal when available) to verify that the arrangements do not fall within the SEC's definitions of "swap."

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