On July 18, 2012, the SEC and CFTC adopted joint rules further defining the term ―swap‖ and other related terms as required by the Dodd-Frank Act as part of the new regulatory framework for swaps. The rules provide clarification of the types of agreements, contracts and transactions that are considered ―swaps,‖ which are regulated by the CFTC, and those that are considered ―security-based swaps,‖ which are regulated by the SEC. The rules also address ―mixed swaps,‖ which are regulated by both the SEC and CFTC, as well as ―security-based swap agreements,‖ which are regulated by the CFTC but over which the SEC has anti-fraud authority. The rules become effective 60 days after publication in the Federal Register. The adoption of the rules or their effectiveness also trigger the effective or compliance dates of certain other SEC and CFTC rules that reference the final swap definitions, including amended CFTC Rule 4.5 regarding the registration and compliance obligations of commodity pool operators and commodity trading advisors.