As required by the Dodd-Frank Wall Street Reform and Consumer Protection Act 2010, the Securities and Exchange Commission ("SEC") and Commodity Futures Trading Commission (“CFTC”) have jointly proposed rules further defining the terms “swap,” “security-based swap,” and “security-based swap agreement.” The proposal seeks to provide guidance in rules and interpretations by using clear and objective criteria that should clarify whether a particular instrument is a swap regulated by the CFTC, a security-based swap regulated by the SEC, or a mixed swap regulated by both agencies.