On September 25th, the SEC extended until March 24, 2010, the temporary, conditional exemption from Sections 5 and 6 of the Securities Exchange Act of 1934 for any exchange that effects or reports transactions in credit default swaps that are not swap agreements as defined in Section 3A of the Exchange Act, and is not otherwise subject to the requirements under Sections 5 and 6 of the Exchange Act and the rules and regulations thereunder. In addition, any broker or dealer that effects or reports transactions in non-excluded CDS on such an exchange is exempt from the prohibition on trading activity in Section 5 of the Exchange Act. The exemption is conditioned on an exchange providing notice to the SEC of its reliance on the order, and certain other requirements that generally mirror those applicable to alternative trading systems under Regulation ATS. SEC Release No. 34-60718.