On June 10th, the SEC published for comment proposed rules that would provide certain clearing agencies with exemptions from the registration requirements of the Securities Act of 1933 and the Securities Exchange Act of 1934 for security-based swaps that they issue. The proposed rules would exempt transactions by clearing agencies in these security-based swaps from all provisions of the Securities Act, other than the Section 17(a) anti-fraud provisions, as well as exempt these security-based swaps from Exchange Act registration requirements and from the provisions of the Trust Indenture Act, provided certain conditions are met. Comments should be submitted on or before July 25, 2011. Temporary swaps rules currently in effect until July 16, 2011, are expected to be extended until a permanent rule is adopted. SEC Press Release.