Further Definition of “Swap,” “Security-Based Swap,” and “Security-Based Swap Agreement”; Mixed Swaps; Security-Based Swap Agreement Recordkeeping

In accordance with section 712(a)(8), section 712(d)(1), sections 712(d)(2)(B) and (C), sections 721(b) and (c), and section 761(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (``Dodd-Frank Act''), the Commodity Futures Trading Commission (``CFTC'') and the Securities and Exchange Commission (``SEC'') (collectively, ``Commissions''), in consultation with the Board of Governors of the Federal Reserve System (``Board''), are jointly adopting new rules and interpretations under the Commodity Exchange Act (``CEA'') and the Securities Exchange Act of 1934 (``Exchange Act'') to further define the terms ``swap,'' ``security-based swap,'' and ``security-based swap agreement'' (collectively, ``Product Definitions''); regarding ``mixed swaps;'' and governing books and records with respect to ``security-based swap agreements.'' The CFTC requests comment on its interpretation concerning forwards with embedded volumetric optionality, contained in Section II.B.2.(b)(ii) of this release.

Agency Contact: CFTC: Julian E. Hammar, Assistant General Counsel, at 202-418-5118, jhammar@cftc.gov, Lee Ann Duffy, Assistant General Counsel, at 202-418-6763, lduffy@cftc.gov; Mark Fajfar, Assistant General Counsel, at 202-418-6636, mfajfar@cftc.gov, or David E. Aron, Counsel, at 202-418-6621, daron@cftc.gov, Office of General Counsel, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street NW., Washington, DC 20581; SEC: Donna M. Chambers, Special Counsel, at 202-551-5870, or John Guidroz, Attorney- Adviser, at 202-551-5870, Division of Trading and Markets, or Andrew Schoeffler, Special Counsel, at 202-551-3860, Office of Capital Markets Trends, Division of Corporation Finance, or Wenchi Hu, Senior Special Counsel, at 202-551-5870, Office of Compliance, Inspections and Examinations, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549.