On July 13th, the SEC and CFTC published the adopting release and text of new rules and interpretations further defining the terms "swap" and "security-based swap" and whether a particular instrument is a "swap" regulated by the CFTC or a "security-based swap" regulated by the SEC. The new rules also address "mixed swaps," which are regulated by both agencies, and "security-based swap agreements," which are regulated by the CFTC but over which the SEC has antifraud and other authority. The new rules further clarify that certain insurance products, consumer and commercial agreements, and loan participations are not swaps or security-based swaps. The compliance date for purposes of certain interim exemptions under the federal securities laws will be 180 days after publication in the Federal Register, which is expected during the week of July 13. See also SEC Press Release; CFTC Fact Sheet; CFTC Questions and Answers.