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A Notice from the Securities and Exchange Commission on 12/18/2009

Over the previous yr, the Securities and Exchange Commission (“Commission”) has taken multiple actions to protect investors and ensure the integrity of the nation's securities markets, including actions [1] designed to address concerns related to the market in credit default swaps (“CDS”). [2] The over-the-counter (“OTC”) market for CDS has been a source of concern to us and other financial regulators, and we have recognized that facilitating the establishment of central counterparties (“CCPs”) for CDS can play an important role in reducing the counterparty risks inherent in the CDS market, and thus can help mitigate potential systemic impacts. We have therefore found that taking action to help foster the prompt development of CCPs, including granting temporary conditional exemptions from certain provisions of the Federal securities laws,Financing green renewable energy project funding loans.,Pandora Armband, is in the public interest. [3]

The Commission's authority about the OTC market for CDS is limited. Specifically,Tiffany Bracelets, Section 3A of the Securities Trade Act of 1934 (“Trade Act”) limits the Commission's authority over swap agreements,Pandora Charms Dublin, as defined in Section 206A of the Gramm-Leach-Bliley Act. [4] For those CDS that are swap agreements, the exclusion in the definition of security in Section 3A of the Exchange Act, and related provisions, will continue to apply. The Commission's action today does not affect these CDS, and this Order does not apply to them. For those CDS that are not swap agreements (“non-excluded CDS”),Tiffany Charm Bracelet, the Commission's action today provides conditional exemptions from certain requirements of the Trade Act.

The Commission believes that using well-regulated CCPs to clear transactions in CDS provides a number of benefits,Pandora Bracelets Stockists, by helping to promote efficiency and reduce risk in the CDS market and among its participants, contributing generally to the goal of market stability, and by requiring maintenance of records of CDS transactions that would aid the Commission's efforts to prevent and detect fraud and other abusive market practices. [5]

Earlier this year, the Commission granted temporary conditional exemptions to the Chicago Mercantile Trade Inc. (“CME”) and Citadel Investment Group, L.L.C. (“Citadel”) from certain requirements under the Exchange Act with respect to their proposed activities in clearing and settling certain CDS,Pandora Website, [6] as well as the proposed activities of certain other persons. [7] Those exemptions are scheduled to expire on December 14,Engagement Rings Tiffany, 2009. CME has requested that the Commission extend the exemptions, and expand them to address the calculation of settlement prices for non-excluded CDS. [8]

Based on the facts presented and the representations made by CME, [9] and for the reasons discussed in this Order, and subject to certain conditions, the Commission is extending temporarily the exemptions granted in the CME Exemptive Order, and is expanding them to accommodate CME's proposed settlement price calculation methodology for non-excluded CDS. Specifically, the Commission is extending the temporary conditional exemption granted to CME from clearing agency registration under Section 17A of the Exchange Act solely to perform the functions of a clearing agency for certain non-excluded CDS transactions. The Commission also is extending the temporary exemption for eligible contract participants and others from certain Exchange Act requirements with respect to non-excluded CDS cleared by CME. In addition,Pandora Shops, this order conditionally exempts on a temporary basis CME and certain of its clearing members in the registration requirements of Sections 5 and 6 of the Trade Act solely in connection together with the calculation of settlement prices for non-excluded CDS cleared by CME. These exemptions are temporary, subject to certain conditions, and will expire on March 31, 2010.