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On February 15, 2017, the US Securities and Exchange Commission adopted amendments to the expiration dates in its interim final rules that provided exemptions for certain securities-based swaps. The July 2011 interim final rules provided for exemptions under the Securities Act of 1933, the Securities Exchange Act of 1934 and the Trust Indenture Act of 1939 for security-based swaps that were security-based swap agreements prior to July 16, 2011 but are defined as "securities" under the Securities Act of 1933 and the Securities Exchange Act of 1934 solely because of Title VII of the Dodd-Frank Act. Under the July 2011 interim final rules, the exemptions were set to expire on February 11, 2013. The SEC has previously extended the exemption, first to February 11, 2014, then to February 11, 2017, and now to February 11, 2018. In its release, the SEC noted that the extension was being granted to avoid disruption in the security-based swaps market while the SEC continues to consider the impact of Title VII and whether regulatory action is appropriate.
The interim final rule is available at: http://www.lexissecuritiesmosaic.com/gateway/fedreg/2017-03121.pdf
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