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Washington
SECCFTC plan meeting on swaps
WASHINGTON (4/27/11)--The implementation schedule for final rules related to swaps and security-based swaps will be discussed during a pair of joint Securities and Exchange Commission (SEC)/Commodity Futures Trading Commission (CFTC) roundtables. The roundtables are set for May 2 and 3 and will be held at the CFTC’s home office in Washington, D.C. As noted in the Federal Register, the regulators during the meetings will consider whether to propose joint rules relating to the definitions of ‘‘swap,’’ ‘‘security-based swap,’’ ‘‘security-based swap agreement,’’ the regulation of mixed swaps, and books and records requirements regarding security-based swap agreements. A credit rating-related discussion is also on the agenda, according to the Register. The discussions will be open to the public, and the agencies plan to accept public comment on the potential rules following their meeting. They did not propose a public comment deadline. The SEC earlier this year proposed exempting credit unions with under $10 billion in assets from mandatory securities-based swaps clearing requirements. Without this exemption, credit unions could be effectively prohibited from hedging risk using over-the-counter options or other derivatives when a security, such as a bond, is the underlying asset. Federal credit unions and some state credit unions are allowed to enter into certain types of over-the-counter agreements that would meet the definition of "security-based swaps." The Dodd-Frank Act gives the SEC the leeway to consider exemptions from the swap requirements, but the SEC is not required to exempt any financial institution from the requirements. The Credit Union National Association (CUNA) backed this proposal, but also insisted that it could go further. (See News Now related Feb. 7 story: CUNA backs SEC's CU swap clearing exemption.)
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