The Securities and Exchange Commission voted Wednesday to propose rules imposing business conduct standards on security-based swap dealers and major security-based swap participants when such parties engage in security-based swap transactions.
The rulemaking is required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, which directed the SEC to establish standards for securities-based swap transactions with counterparties, including those that are "special entities."
The term "special entities" generally includes federal agencies, states and political subdivisions, employee benefit plans as defined under the Employee Retirement Income Security Act of 1974, governmental plans and endowments.
Comments are due August 29 on proposed rules 15Fh-1 through 15Fh-6 and 15Fk-1 under the Securities Exchange Act of 1934, which would require security-based swap dealers and major security-based swap participants to: verify whether a counterparty is an eligible contract participant
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