Section 719(d) of the Dodd-Frank Act mandates that the CFTC and the SEC jointly conduct a study to determine whether stable value contracts, or SVCs, fall within the definition of a swap.  Section 719(d) of the Dodd-Frank Act also requires that the SEC and the CFTC, in making that determination, jointly consult with the Department of Labor, the Department of the Treasury, and the State entities that regulate the issuers of SVCs. Further, Section 719(d) of the Dodd-Frank Act provides that if the Commissions determine that SVCs fall within the definition of a swap, they jointly shall determine if an exemption for SVCs from the definition of a swap is appropriate and in the public interest.  In connection with this study, the SEC and the CFTC are seeking comment in a recently issued release.

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