WASHINGTON, April 18 | Wed Apr 18, 2012 11:03am EDT
WASHINGTON, April 18 (Reuters) - U.S. securities regulators on Wednesday finalized long-awaited rules that will dictate which companies will be deemed swap dealers, a tag that will subject them to costly capital, margin and business conduct requirements.
The Securities and Exchange Commission voted to adopt the rules in a 5-0 vote. The rules are a main provision in the Dodd-Frank Wall Street reform law, which gave the SEC and Commodity Futures Trading Commission broad new authority to regulate the $700 trillion over-the-counter derivatives market.
The swap dealer rule is a joint rule with the CFTC, which is also slated to finalize the rules on Wednesday. S EC Chairman Mary Schapiro said the final rule aims to only capture the companies that truly deal in derivatives, sparing mutual funds and pension funds from the new regulations.
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