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Defining ‘Swap Dealer’ and ‘Major Swap Participant’

April 24, 2012

The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) adopted highly anticipated final rules on April 18, 2012, to further define the terms "swap dealer," "security-based swap dealer," "major swap participant," "major security-based swap participant" and "eligible contract participant" (Final Entity Rules). The Final Entity Rules are significant because entities that meet one of the aforementioned dealer or major participant definitions will be required to register with the CFTC or SEC and comply with a myriad of substantive regulatory requirements. The Final Entity Rules are considered a key component of the new regulatory regime that the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) imposes on over-the-counter derivatives.

Sutherland Corporate Practice Group attorney co-authors Partner James M. Cain and Associate Raymond A. Ramirez examine these new definitions in the article "Defining 'Swap Dealer' and 'Major Swap Participant.'" To read their complete report published April 24, 2012, in Securities, Banking and Public Policy Law360, click here.

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