Clarification of Proposed Key Term Definitions Up at SEC’s Roundtable Discussion

Jack Humphrey, Regulatory journalist
June 10, 2011 /

The staffs of the Securities and Exchange Commission and the Commodity Futures Trading Commission (CFTC) will be hosting a roundtable discussion on June 16 to tackle the proposed dealer and major participant definitions under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Under the Dodd-Frank Act, the CFTC and the SEC are required to join hands in defining further the meaning of certain key terms including “swap dealer,” “security-based swap dealer,” “major swap participant,” and “major security-based swap participant”, with the Federal Reserve as consultant.

So far, more than 130 comment letters have reached the SEC and CFTC from the public, responding to the proposals published in December to define these terms.

With the public comments, the CFTC and SEC were able to identify issues arising from these definitions.
The upcoming roundtable discussion aims to supplement these comments and help further the CFTC and SEC as they proceed with the final draft.

Specifically, the discussion will focus on such issues as general parameters of dealer activity, application of the dealer definitions among different types of asset classes, application of the de minimis exception from the dealer definitions, and adequacy of the proposed major participant tests.

The roundtable will be held from 9:00 a.m. to 3:45 p.m. in the Conference Center at the CFTC’s Headquarters, Three Lafayette Centre, 1155 21st Street NW, Washington, D.C., which will be open to the public with seating on a first-come, first-served basis.


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