Federal Register: Prohibition Against Fraud, Manipulation, and Deception in Connection with Security-Based Swaps

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Dodd-Frank Timeline, Prohibition Against Fraud, Manipulation, and Deception in Connection with Security-Based Swaps, SEC
Proposal Date Comment Deadline Reopened Comment Period Deadline
November 8, 2010 December 23, 2010 July 22, 2013

On November 3, 2010, the SEC held an open meeting concerning the prohibition against fraud, manipulation, and deception in connection with security-based swaps under the Dodd-Frank Act. The proposed rule seeks to apply to security-based swaps the same fraud prevention mechanisms affecting all other securities.<ref>Press Release - SEC Proposes New Rule to Prevent Fraud in Connection with Security-Based Swaps. SEC. Retrieved on November 3, 2010.</ref> Proposed rules were added to the Federal Register on November 8, 2010.

Note: On May 1, 2013, the comment periods were reopened for SEC proposed rules related to security-based swaps and security-based swap entities. The extended comment deadline is July 22, 2013. To submit a comment, click HERE.

Proposed Rules

  • A rule that "would prohibit fraud, manipulation, and deception in connection with the offer, purchase or sale of any security-based swap — in the same way that general anti-fraud provisions apply to all securities. The rule also would explicitly reach misconduct in connection with ongoing payments and deliveries under a security-based swap."
  • A rule that "would prohibit people from employing fraudulent or manipulative devices or schemes, making untrue statements or omitting material facts, or engaging in conduct that would operate as a fraud or deceit on another person in connection with security-based swaps."


References[edit]

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