Splits emerge in CFTC and SEC swap product definition rules

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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