SEC Proposes Amendments to Exchange Act Rule 3a12-8 to Add European Union Debt Obligations
The Securities and Exchange Commission today proposed amendments to Rule 3a12-8 under the Securities Exchange Act of 1934 to add the debt obligations of the European Union (EU) to the list of foreign government debt obligations designated as "exempted…
The Securities and Exchange Commission has proposed amendments to Rule 3a12-8 under the Securities Exchange Act of 1934, adding European Union debt obligations to the list of exempted foreign government securities for futures marketing and trading purposes. SEC Chairman Paul S. Atkins stated that gaps in the oversight of EU member state debts have created confusion and undermined market confidence.
The proposed rule aims to harmonize regulations, placing futures contracts on EU debt obligations under the exclusive jurisdiction of the CFTC, while federal securities laws continue to apply to the underlying debt. The public will have 60 days to comment on the proposal following its publication in the Federal Register.
Written by urgent.news from SEC Press Releases's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
