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Order Extending Temporary Exemptions under the Securities Exchange Act of 1934 in Connection with the Revision of the Definition of “Security” to Encompass Security-Based Swaps, and Request for Comment
[ by Howard Haykin ]
The SEC issued temporary exemptive relief from compliance with certain provisions of the '34 Exchange Act in connection with having re-defined the term "security' to encompass security-based swaps. Temporary relief was from compliance was originally ordered on 7/1/11. Certain temporary exemptions contained in the Exchange Act are set to expire upon the compliance date for final rules, which in this case was expected to be 2/11/13. That will not happen, so the SEC is extending the expiration date for these Expiring Temporary Exemptions one full year, until 2/11/14.
Discussion. As mandated by the Dodd-Frank Reform Act, the SEC expanded the definition of “security” which resulted in expanding the scope of regulatory provisions of the Exchange Act to security-based swaps. That action raised raised certain complex questions that require further consideration by the staff.
For further details, go to: [SEC Exemptive Orders Rel. 34-68864, 2/7/13].
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