On June 11th, the SEC issued a policy statement describing the order in which it expects to implement new rules regulating security-based swaps. The statement covers final rules to be adopted in accordance with Title VII of the Dodd-Frank Act. The policy statement does not estimate when the rules would be put in place, but describes the sequence in which they would take effect. The phased-in approach is intended to avoid the disruption that could occur if all the new rules took effect simultaneously. The policy statement also discusses the timing of the expiration of the temporary relief the SEC previously granted to securities-based swaps market participants. The relief exempts these market participants from certain provisions of the Securities Act of 1933, the Securities Exchange Act of 1934, and the Trust Indenture Act of 1939. Much of this relief is due to expire when certain final rules under Title VII become effective. Comments should be submitted on or before August 13, 2012. SEC Press Release.