SIFMA, FSR and ISDA provide comments to the Securities and Exchange Commission (SEC) on proposed exemptions for security-based swaps issued by registered or exempt clearing agencies from certain provisions of the Securities Act of 1933, as amended (the Securities Act), the Securities Exchange Act of 1934, as amended (Exchange Act), and the Trust Indenture Act of 1939, as amended, (the Trust Indenture Act) File Number S7-22-11. The groups support the proposal on the basis that it would establish comparable regulatory treatment for security-based swaps and standardized options, security futures products, which are often used for similar financial purposes.  The organizations request that the SEC provide certain exemptions from the Exchange Act and the Trust Indenture Act for uncleared security-based swaps. In addition, the groups support the SEC’s adoption of proposed Securities Act Rule 239, which would exempt cleared security-based swaps between eligible contract participants from all provisions of the Securities Act, except the antifraud provisions of section 17(a), subject to certain conditions.