SEC Proposes Rule 3a12-8 Amendment for European Union Debt Securities
The U.S. Securities and Exchange Commission has proposed amending Rule 3a12-8. The change would add European Union debt obligations to the list of foreign government securities exempted for futures marketing and trading. Ad Ad SEC Seeks to Add EU Debt to Rule 3a12-8 The proposed amendment would add debt issued by the European Union to Rule 3a12-8. The rule already covers debt obligations from several foreign governments. The exemption would apply only to futures marketing and trading. Federal securities laws would still govern the underlying European Union debt securities. SEC Chairman Paul S. Atkins said the current framework covers debt issued by several EU member states. However, the rule does not currently include debt issued directly by the European Union. Discover more FINANCE Choose POS Systems Compare Index ETFs “For too long, gaps like this one where the debt of several EU member states was covered but debt of the European Union itself was not have created exactly the kind of inconsistency that breeds confusion rather than confidence in the markets,” Atkins said. Ad Ad CFTC Would Oversee EU Debt Futures Under the proposal, the Commodity Futures Trading Commission would oversee futures contracts tied to European Union debt obligations. The change would align EU debt futures with the treatment already given to other foreign government debt









