Extension of Interim Final Temporary Rule on Retail Foreign Exchange Transactions; Interim Final Temporary Rule, Extension, Request for Comment (SEC - Pre Fed. Reg. Version)

The SEC is amending interim final temporary Rule 15b12-1T under the Exchange Act to extend the date on which the rule will expire from July 16, 2012 to July 16, 2013. [Lofchie Comment: The questions to which we all want answers: What is an "extension of a final temporary rule"? Is that different from an extension of an "interim final temporary rule"? And what is the interim between? More seriously, this interim final temporary rule is further reflective of the myriad unintended consequences of Dodd-Frank. No one is quite sure of whether routine currency exchanges in connection with routine cross-border securities transactions require a separate scheme of regulation under Dodd-Frank. (My personal legal interpretation is that they do not, but ultimately, after the interim has passed, this will be a question for the SEC to decide.)]

Effective Date: July 16, 2012. The expiration date of interim final temporary Rule 15b12-1T (17 CFR 240.15b12-1T) is extended to July 16, 2013.

Comment Due: October 31, 2012

Cross Reference(s): Exchange Act Rule 15b12-1T; 76 FR 41676 (Retail Foreign Exchange Transactions; Interim Final Temporary Rule, Request for Comment); 77 FR 41671 (Extension of Interim Final Temporary Rule on Retail Foreign Exchange Transactions).

View rule release in full here (links externally to SEC website).