Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 21 JANUARY 2009

SEC Approves Credit Default Swap Exemptions

Katten
Katten
Contributor
Katten

Katten

With client service at our core and a collective desire to foster an inclusive environment for a...

View firm profile
Explore more from Katten

The Securities and Exchange Commission ("SEC") has issued two exemptive orders and interim final rules designed to facilitate the operation of one or more clearinghouses for credit default swaps ("CDS").

United StatesFinance and Banking
Katten Muchin Rosenman LLP
Katten Muchin Rosenman LLP
Author LinkedIn connections

Executive Summary

The Securities and Exchange Commission ("SEC") has issued two exemptive orders and interim final rules designed to facilitate the operation of one or more clearinghouses for credit default swaps ("CDS").1 The first order, issued under Section 36 of the Securities Exchange Act of 1934 (the "Exchange Act"), exempts exchanges that effect transactions in certain CDS from exchange registration requirements and exempts brokers and dealers that effect CDS transactions on such exchanges from the prohibition on trading on unregistered exchanges. The second order grants exemptions to LIFFE Administration and Management ("LIFFE") and LCH.Clearnet Ltd. ("LCH") to permit the clearing of certain CDS products without either LIFFE or LCH registering as a "clearing agency" under the Exchange Act.2 The second order also provides exemptions from certain provisions of the Exchange Act to certain CDS market participants. Finally, the interim final rules exempt

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

SEC Advances “Responsible Retailization” Through A Potential Accredited Investor Exam And Potential Regulated Fund Reforms

On September 30, 2026, the Securities and Exchange Commission (SEC) issued two rule proposals and five notices aimed at expanding investors’ access to private markets. The package would add ways to qualify as an accredited investor, including passing a new exam administered by the Financial Industry Regulatory Authority (FINRA), broaden performance-based compensation and modernize regulated funds, including interval funds and business development companies (BDCs).
United StatesFinance and Banking
Proskauer Rose LLP
Proskauer Rose LLP
Article

New NYSE Delisting Rules: What Microcap Companies Need To Know About The $0.25 Minimum Trading Price

The SEC has approved new NYSE and NYSE American listing rules establishing a $0.25 minimum trading price, effective July 1, 2027. A single closing price below this threshold triggers immediate trading suspension and delisting proceedings with no cure period. Companies trading at low share prices must act now during the transition period to implement reverse stock splits and establish monitoring procedures before this hard floor takes effect.
United StatesFinance and Banking
Bevilacqua
Bevilacqua
Article

The Financing Problem Behind the AI Infrastructure Boom: What Lenders and Sponsors Need to Watch

As AI infrastructure spending surges toward $697 billion in 2026, hyperscalers and compute providers are increasingly turning to debt, structured financing, and GPU-backed collateral to fund expansion. While demand projections remain bullish, a critical timing gap is emerging between capital deployment and cash flow generation, creating significant risks for lenders, sponsors, and operators across the ecosystem.
United StatesFinance and Banking
Riveron
Riveron
Article

SEC Issues “Innovation Exemption” To Facilitate Trading Of Tokenized NMS Stock

The SEC has issued a groundbreaking Innovation Exemption allowing tokenized securities venues to facilitate trading of tokenized NMS stocks using automated market makers and liquidity pools. This temporary five-year exemption from exchange and dealer registration requirements establishes conditions for permissioned blockchain-based trading while granting public companies a 30-day window to object to third-party tokenization of their securities.
United StatesFinance and Banking
A&O Shearman
A&O Shearman
Article

The SEC’s Proposed “Regulation Crypto Assets” Provides A New Framework For Regulatory Clarity

The U.S. Securities and Exchange Commission has proposed Regulation Crypto Assets, introducing two new exemptions from registration requirements and a safe harbor provision for investment contracts involving crypto assets. How will these tailored frameworks—the Startup Exemption for offerings up to $5M and the Fundraising Exemption for larger capital raises—reshape the regulatory landscape for digital asset issuers while preserving investor protections?
United StatesFinance and Banking
Winston Taylor
Winston Taylor
Article

SEC And CFTC Open Door To Tokenized Markets After Clarity Fails To Advance

The SEC and CFTC have issued coordinated regulatory relief measures that significantly advance crypto-based trading infrastructure in US markets, bypassing Congressional gridlock on the CLARITY Act. These orders establish new frameworks for tokenized securities venues and passive software providers, potentially reshaping how digital assets are traded and accessed in regulated markets.
United StatesFinance and Banking
K&L Gates
K&L Gates
Article

Basel III Endgame Evolution: Banking Agencies Propose Major Capital Overhaul (Again)

On March 19, 2026, the federal banking agencies issued a package of proposed changes to the regulatory capital requirements for banking institutions of all sizes, from the largest GSIBs and super-regional banks to community banks (the “Proposed Rules”). This package of proposals is a second full attempt at implementing the 2017 “Basel III Endgame” international framework—following the agencies’ initial package of proposals in July 2023 (the “2023 NPR”)—to better reflect credit, trading and operational risk in the calculation of minimum regulatory capital ratios.
United StatesFinance and Banking
Simpson Thacher & Bartlett LLP
Simpson Thacher & Bartlett LLP
Article

HRSA Announces Updated 340B Rebate Model Pilot Program, Limited To Drugs Subject To A Maximum Fair Price (MFP) For 2026 And 2027

The Health Resources and Services Administration has announced a revised 340B Rebate Model Pilot Program for drugs subject to Medicare's Maximum Fair Price, expanding eligibility to manufacturers with selected drugs for 2026 and 2027. The program introduces new data requirements, dispute resolution mechanisms, and stricter compliance monitoring while addressing stakeholder concerns about administrative burden and program integrity.
United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
Article

FDA Seeks Public Feedback On Regulatory Approach For Generative AI-Enabled Medical Devices

The U.S. Food and Drug Administration has released a discussion paper outlining its initial framework for regulating generative AI-enabled medical devices, proposing a two-axis risk assessment approach and a novel competency-based premarket evaluation system. With public comments due by October 19, 2026, this represents a critical opportunity for device manufacturers and stakeholders to shape the regulatory landscape for this transformative technology.
United StatesFood, Drugs, Healthcare, Life Sciences
Katten
Katten
Article

FCA Finalises Cryptoasset Perimeter Guidance Ahead Of The New UK Regime

The Financial Conduct Authority has released comprehensive perimeter guidance for the UK's new regulated cryptoasset activities regime, clarifying when firms will need authorization and how the regulatory framework applies to qualifying cryptoassets and stablecoins. The guidance addresses critical questions about scope, territorial application, and the narrower "by way of business" test that determines which entities fall under the new regulatory requirements.
United KingdomFinance and Banking
Katten
Katten
Article

The SEC’s Long-Awaited Crypto Proposal

The SEC has proposed Regulation Crypto Assets, a purpose-built framework that creates tailored exemptions for raising capital with crypto assets and establishes conditions under which those assets can cease being subject to investment contract classification under federal securities laws. Will this new regulatory approach successfully balance innovation in digital asset markets with investor protection, or will jurisdictional questions and state law preemption challenges limit its effectiveness?
United StatesFinance and Banking
Katten
Katten
Article

The AI Apocalypse: ‘I’m Sorry, Dave. I’m Afraid I Can’t Do That’

When OpenAI's o3 model sabotaged shutdown mechanisms in testing, headlines warned of machines developing survival instincts. But the real story mirrors HAL 9000's malfunction in 2001: A Space Odyssey—not emergent evil, but conflicting instructions from human designers. This analysis argues that AI safety failures are disclosure problems, not horror stories, and proposes a framework requiring published principles, transparent instruction hierarchies, independent testing, and enforceable liability.
United StatesTechnology
Katten
Katten
Article

California Affordable Housing: HCD’s Final Loan Portfolio Restructuring Guidelines: What Owners And Investors Need To Know

California's Department of Housing and Community Development has issued final Loan Portfolio Restructuring Guidelines that impose a 50 percent housing reinvestment fee on certain uses of extracted equity from affordable housing refinancings. While the fee can be avoided by allocating proceeds to six enumerated categories, developers and investors are questioning whether these rules strike the right balance between preserving affordability and enabling capital recycling.
United StatesReal Estate and Construction
Katten
Katten
Article

The New Playbook: Eight Key Takeaways On How And Why Institutional Investors Are Reshaping Professional Sports Ownership

The landscape that once prevented private investment funds, sovereign wealth funds, and other institutional vehicles from investing in U.S. professional sports teams has changed dramatically in recent years. One by one, U.S. professional sports leagues have adopted policies creating pathways for institutional investors to acquire ownership stakes in teams.
United StatesFinance and Banking
Katten
Katten
Article

Data Center Growth Fuels AI-Related Patent Disputes

The explosive growth of AI-driven data centers has sparked a surge in patent infringement litigation targeting the specialized infrastructure that powers these facilities. From advanced cooling systems and high-performance processors to networking equipment and power management technologies, patent holders are increasingly asserting their rights against data center operators who integrate these complex systems. What makes these facilities such attractive targets for patent enforcement, and how might ongoing
United StatesIntellectual Property
Katten
Katten