Splits emerge in CFTC and SEC swap product definition rules

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CFTC Chairman Gary Gensler

The 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 rule-making.

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 Dodd-Frank Wall Street Reform and Consumer Protection Act.

The proposed definitions

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