On April 18th, the SEC unanimously adopted a new final rule to define terms related to the over-the-counter swaps market. The rules were written jointly with the CFTC to implement portions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The rules include definitions for the terms "security-based swap dealer," "major security-based swap participant," "substantial position," "hedging or mitigating commercial risk," "substantial counterparty exposure," "financial entity," and "highly leveraged." SEC Press Release; Aguilar Speech; Paredes Speech; Schapiro Speech; Gallagher Speech; Walter Speech.