Splits emerge in CFTC and SEC swap product definition rules
The US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have failed to produce uniformly consistent definitions of ‘swaps', ‘security-based swaps' and other products in their joint rulemaking.
The CFTC voted four-to-one at an open meeting in Washington, DC on April 27 to publish proposed language defining several swap products subject to new federal regulation under the US Dodd-Frank Act.
The proposed definitions run to more than 300 pages and have
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