SEC Proposes Rule Regarding the Securities Act Treatment of Security-Based Swap Pricing Information on Certain Execution Facilities

September 22, 2014

On September 8, 2014, the U.S. Securities and Exchange Commission proposed a rule under the Securities Act of 1933 providing that communications regarding pricing information on certain execution facilities for security-based swaps that may be purchased only by eligible contract participants would not be deemed to constitute offers of such SBSs for purposes of Section 5 of the Securities Act. Comments on the proposed rule are due by November 10, 2014.

In our memo, we provide a summary of the main provisions of the proposed rule.

Please contact any of our partners and counsel listed under “Derivatives” in the “Practices” section of the website for further information about the matters discussed above.