In July 2011, the Securities and Exchange Commission approved interim final rules that exempt security-based swaps from all provisions of the Securities Act of 1933 (other than the anti-fraud provisions of Section 17(a)), as well as from the registration requirements of the Securities Exchange Act of 1934 and from the provisions of the Trust Indenture Act of 1939. The interim final rules currently expire on February 11, 2013. The SEC has stated that it does not expect to complete its evaluation of the implications for the inclusion of security-based swaps in the definition of “securities” before the current expiration date. Accordingly, the SEC is extending the expiration date of the interim final rules to February 11, 2014. The SEC is not making any other changes to the interim final rules.

The interim final rule extension may be found here.