"The [SEC] voted on April 13 to adopt final rules implementing a comprehensive set of business conduct standards and chief compliance officer requirements for security-based swap dealers and major security-based swap participants ... The final rules require security-based swap dealers and major security-based swap participants acting as counterparties to special entities to reasonably believe that the special entity has a qualified independent representative who is ... an [ERISA] fiduciary (if the special entity is an ERISA plan) ... The rules also require security-based swap dealers to comply with rules designed to prevent 'pay-to-play in transactions with municipal entities.... The final rules become effective 60 days after publication in the Federal Register."  MORE >>