SIFMA submitted a comment letter to the SEC requesting an extension of the expiration date of the SEC’s Exchange Act Exemptive Order and security-based swaps (”SBS”) interim final rules until July 17, 2013. In the letter, SIFMA notes that Dodd-Frank Sections 761 and 768 included SBS in the definition of “security” for purposes of the Exchange Act and Securities Act, and states that key issues and questions regarding the application of the federal securities laws to SBS remain unresolved. The exemptive order is currently set to expire on February 11, 2013, which SIFMA argues would be premature.
Lofchie Comment: The notion of an exemptive order being issued before the last moment seems like a cool idea. Maybe it would start a trend.
Click here to view letter in full (links externally to SIFMA website).
See also related news item: CFTC Delays Business Conduct and Documentation Rules .