Definitions Contained in Title VII of Dodd-Frank Wall Street Reform and Consumer Protection Act

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act'), provides for the comprehensive regulation of swaps and security-based swaps. Title VII of the Dodd-Frank Act ("Title VII'), provides that the Securities and Exchange Commission ("SEC') and the Commodity Futures Trading Commission ("CFTC') (collectively, "the Commissions'), in consultation with the Board of Governors of the Federal Reserve System, shall jointly further define certain key terms (specifically, "swap', "security-based swap', "swap dealer', "security-based swap dealer', "major swap participant', "major security-based swap participant', "eligible contract participant', and "security-based swap agreement'), and shall jointly prescribe regulations regarding "mixed swaps,' as that term is used in Title VII of the Dodd-Frank Act. To assist the SEC and CFTC in further defining such terms, the Commissions are issuing this Notice and request for public comment.