The SEC and CFTC finalized a rule defining swap dealer, security-based swap dealer, major swap participants and eligible contract participants. This definition clarifies for market participants whether their current activities will subject them to comprehensive oversight in the coming months.
The Federal Reserve clarified the conformance period for those affected by the Volcker Rule implementation. The Fed identified that there is a two-year conformance period, which will make this rule effective July 21, 2014, for entities to fully conform its activities and investments, unless otherwise extended.
The proposed rule has received more than 17,000 comments and has not been finalized to date.