SEC Order Granting Temporary Exemptions Relating to the Definition of “Security” Under the Exchange Act

SEC Release No. 34-64795

July 1, 2011

The SEC issued an order granting temporary relief from compliance with certain provisions of the Exchange Act in connection with the pending amendments to the definition of "security" to encompass security-based swaps. The SEC stated that the intent of the exemption is to maintain the "status quo" (to the extent that is possible) during implementation of Dodd-Frank. See also CWT Clients Friends Memo, Two Dodd-Frank Problems: the Effective Date and the Definitions (June 13, 2011).

Please contact any of the following Cadwalader attorneys if you have any questions about this item:

Steven Lofchie; [email protected]

Jeffrey Robins; [email protected]

Cross References

SEC Press Release No. 2011-141

Dodd-Frank Act, Title VII

SEC Release No. 34-64794 (interim rules exempting offers and sales of security-based swaps from the Securities Act and Trust Indenture Act)

SEC Release No. 34-64678 (guidance providing relief from numerous provisions under Title VII)