CFTC Q&A: Joint Final Rules and Interpretations Defining “Swap,” “Security-Based Swap,” and “Security-Based Swap Agreement”...

The purpose is to: (i) further define certain terms; (ii) provide for the regulation of mixed swaps; and (iii) adopt specified books and records rules.

The final rulemaking includes proposed rules and interpretive guidance regarding the terms "swap," "security-based swap," and "security-based swap agreement," which the Dodd-Frank Act requires the CFTC and SEC, with the Federal Reserve Board, to jointly further define. In addition, the statute provides that the Commissions shall jointly prescribe regulations regarding "mixed swaps" as are necessary to carry out the purposes of Title VII of the Dodd-Frank Act, and to jointly adopt rules governing books and records requirements for "security-based swap agreements."

View Q&A on the joint final rules and interpretations here(links externally to CFTC website).