10.21.2010

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Updates

SEC Adopts Interim Rule and Proposes Rules regarding Security-Based Swap Transactions

On Wednesday, October 13, 2010, the SEC adopted an interim rule requiring certain swap dealers to report security-based swaps entered into prior to the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act on July 21.  This interim rule was adopted pursuant to Section 766 of the Dodd-Frank Act.  The interim rule is intended to give the SEC a better understanding of the security-based swap markets.

On the same day, the SEC proposed rules aimed at mitigating conflicts of interest surrounding security-based swap clearing agencies, execution facilities, and national securities exchanges.  Such mitigation is required under Section 765 of the Dodd-Frank Act.

Read the SEC Press Release regarding the interim rule 

Read the SEC Press Release regarding the proposed rule 

SEC Proposes Rules regarding Asset-Backed Securities

On Wednesday, October 13, 2010, the SEC proposed rules requiring asset-backed securities issuers to review the underlying assets and publicly disclose their findings.  The proposed rules are intended to implement Section 945 and parts of Section 932 of the Dodd-Frank Wall Street Reform and Protection Act.

Read the SEC Press Release 

© 2010 Perkins Coie LLP


 

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