GAO reviewed the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) (collectively, Commissions), new rule on the further definition os "swap," "security-based swap" and "security-based agreement"; mixed swaps; security-based swap agreement recordkeeping. GAO found that (1) the joint final rule adopts new rules and interpretations under the Commodity Exchange Act ("CEA") and the Securities Exchange Act of 1934 ("Exchange Act'") to further define the terms "swap," "security-based swap," and "security-based swap agreement" (collectively, "Product Definitions"); regarding "mixed swaps;" and governing books and records with respect to "security-based swap agreements"; and (2) the Commissions complied with the applicable requirements.
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