SEC Guidance and Temporary Relief Regarding Security-Based Swap Provisions of Dodd-Frank Act
SEC Release No. 34-64678
June 15, 2011
In the first of a series of actions relating to the forthcoming one year anniversary of the Dodd-Frank Act, the SEC provided guidance as to which requirements of Title VII of the Dodd-Frank Act will apply to security-based swap transactions on July 16. The guidance is intended to "make clear" that "substantially all" of Title VII's requirements will not go into effect on July 16. Further, the SEC took action to provide temporary relief to market participants from Section 29(b) of the Act, which generally voids contracts made in violation of the Exchange Act. 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. 2011-130
Dodd-Frank Act, Title VII
Exchange Act §§ 15F(b)(6); 29(b); 36
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. 34-64795 (temporary order granting relief under the Exchange Act relating to the definition of "security")