CFTC and SEC Adopt New Rules Further Defining "Swap Dealer" and "Security-based Swap Dealer"
The U.S. Commodity Futures Trading Commission (the “CFTC”) and U.S. Securities Exchange Commission (the “SEC”) recently adopted final rules regarding the criteria for a person to be considered a “Swap Dealer” or “Security-Based Swap Dealer” under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. A person who is a Swap Dealer or Security-Based Swap Dealer generally must register with the CFTC or SEC, respectively, and will be subject to regulation on matters including capital and margin requirements, business conduct, reporting and recordkeeping, and position limits monitoring, among other provisions.