The SEC adopted new rules defining a series of terms related to the over-the-counter swaps market, including “swap dealer,” “security-based swap dealer,” “major swap participant,” “major security-based swap participant” and “eligible contract participant.” These definitions determine which entities involved in the swaps market would be subject to the Dodd-Frank Act’s comprehensive framework for regulating derivatives. The rules were written jointly with the CFTC.
The rules will become effective 60 days after publication in the Federal Register. However, dealers and major participants will not have to register with the SEC until the dates that the SEC will provide in its final rules for the registration of dealers and major participants.
Click http://www.sec.gov/news/press/2012/2012-67.htm to access the press release.