Commodity Futures Trading Commission and Securities Exchange Commission: Further Definition of "Swap Dealer," "Security-Based Swap Dealer," "Major Swap Participant," "Major Security-Based Swap Participants," and "Eligible Contract Participant"
GAO-12-796R: Jun 7, 2012
- Full Report:
GAO reviewed the Commodity Futures Trading Commission's and the Securities Exchange Commission's (tje Commissions) new rule on further definition of swap dealer, security-based swap dealer, major swap participant, major security-based swap participant and eligible contract participant. GAO found that (1) the final rule adopts new rules and interpretive guidance under the Commodity Exchange Act, and the Securities Exchange Act of 1934, to further define the terms swap dealer, security-based swap dealer, major swap participant, major security-based swap participant, and eligible contract participant in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act); and (2) the Commissions complied with the applicable requirements in promulgating the rule.