SIFMA Submits Request to the SEC to extend relief from the Application of Federal Securities Laws to Security-Based Swaps


On January 12, SIFMA submitted a request to the SEC seeking an extension of its Interim Final Rules (RIN 3235-AL17; Release Nos. 33-10305; 34-80023; 39-2515; File No. S7-26-11) and Order (Release No. 34-79833; File No. S7-27-11); regarding the application of federal securities laws to security-based swaps (SBS), until a time that the Commission can provide appropriate permanent exemptive and other relief to SBS market participants from the federal securities laws that apply to SBS due to their inclusion in the definition of “security” (including both the Securities Exchange Act of 1934 and Securities Act of 1933). The request further supported analogous relief from FINRA regarding the application of its rules to SBS (FINRA Rule 0180).