The SEC has introduced business conduct standards for security-based swap dealers and major security-based swap participants when those parties are engaged in 'swapping'.  For now, they're only proposals - the comment period runs to 8/29/11.  SEC Chairman Mary Schapiro had this to say: 

"The rules we are proposing would level the playing field in the security-based swap market by bringing needed transparency to this market and by seeking to ensure that customers in these transactions are treated fairly.  The standards we propose are intended to establish a framework that protects investors and also promotes efficiency, competition, and capital formation."

As proposed, the rules would require SBS dealers and major SBS participants to communicate in a fair and balanced manner and make certain disclosures, including conflicts of interest and material incentives to potential counterparties.  Additional requirements would be imposed for dealings with special entities, which include municipalities, pension plans, endowments and similar entities.

For further details, go to:    [SEC PR 11-137, 6/29/11]   and   [SEC Proposed Rule Release 34-64766, 6/29/11]