SEC Extends Temporary Exemptions for Security-Based Swaps (Pre-Fed. Reg. Version)

The SEC announced that it is adopting amendments to extend the expiration dates in its interim final rules (76 FR 40605), which provide exemptions for security-based swaps that, prior to July 16, 2011, were security-based swap agreements and are defined as "securities" under the Exchange Act and the Securities Act. Under the amendments, the expiration dates in the interim final rules will be extended from February 11, 2014, to February 11, 2017.

The SEC noted further that, should it adopt rules relating to issues raised by the application of the Securities Act or the other federal securities laws to security-based swaps before February 11, 2017, it may determine to alter the expiration dates in the interim final rules as part of that rulemaking.

See: SEC Rule Release; SEC Order Extending Temporary Exemptions under the Exchange Act in Connection with the Revision of the Definition of "Security" to Encompass Security-Based Swaps; Request for Comment.Related news:FINRA Proposes to Extend Exemption for Security-Based Swaps (with Lofchie Comment) (January 8, 2014).