SEC finalizes SBS registration, qualification exemptions for central counterparties

The Securities and Exchange Commission approved final rules setting forth registration and qualification exemptions for security-based swaps transactions in cases where those transactions harmonize with the intent of Dodd-Frank clearing requirements. The final rules provide exemptions for certain swaps under the Securities Act, Exchange Act and Trust Indenture Act. The regulator said failure to craft such exemptions for clearing agencies would likely frustrate the purposes of the Dodd-Frank Act. Read on for more.