On July 1, the SEC clarified which securities laws will apply to security-based swaps starting July 16, the effective date of Title VII of the Dodd-Frank Act.  The SEC approved an order granting temporary relief and interpretive guidance clarifying that a substantial number of the Exchange Act requirements applicable to securities will not apply to security-based swaps when the revised definition of "security" goes into effect on July 16.  Comments on the order must be submitted by July 15.  The SEC also approved an interim final rule giving exemptions from the Securities Act, Trust Indenture Act, and other federal securities laws to allow certain security-based swaps to continue to trade and be cleared as they have before the enactment of the Dodd-Frank Act.  Comments on the interim final rule must be submitted 45 days after it is posted on the website.  SEC ReleaseExemptive OrderInterim Final Rule.