SEC Exemption From the Securities Act and Trust Indenture Act Relating to Security-Based Swaps

SEC Release No. 33-9231/34-64794/39-2475

July 1, 2011

The SEC published an interim final rule to exempt offers and sales of security-based swaps from (1) all provisions of the Securities Act (other than the anti-fraud provisions of Section 17(a)), (2) the registration requirements of the Exchange Act, and (3) the provisions of the Trust Indenture Act, each pursuant to certain conditions. 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. 34-64795 (temporary order granting relief under the Exchange Act relating to the definition of "security")

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