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