WASHINGTON, June 18, 2026 — The Commodity Futures Trading Commission and Securities and Exchange Commission have issued a joint request for public comment on potential ways to further update, clarify and harmonize certain derivatives product definitions and address interpretive questions involving emerging products and alternative compliance frameworks.
According to the agencies, the initiative is intended to help determine whether existing regulatory definitions, interpretations and jurisdictional frameworks continue to reflect evolving market structures, financial products and trading practices.
CFTC Chairman Michael S. Selig said the request for comment presents an opportunity to address longstanding ambiguities under Title VII of the Dodd-Frank Act that have hindered competition and innovation. SEC Chairman Paul S. Atkins said clarification is needed on definitional issues, including those involving event-based products, and emphasized the importance of cooperation between the agencies.
Joint request for comment
The request for comment seeks public input on potential opportunities to update and clarify definitions relating to swaps and security-based swaps, including the scope of certain exclusions from the swap definition.
The agencies are also seeking feedback on the treatment of mixed swaps, jurisdictional and interpretive questions, novel or emerging products, areas requiring greater clarity regarding regulatory boundaries, and potential approaches to alternative compliance.
Comments will be accepted for 60 days following publication of the request in the Federal Register.
Innovative products and jurisdictional questions
According to the underlying request for comment, the SEC and CFTC noted that financial markets are becoming increasingly interconnected through digital infrastructure, new trading models and onchain automated systems.
The agencies said market participants have sought additional clarity regarding innovative products and structures that may raise interpretive questions under the framework established by Title VII of the Dodd-Frank Act.
The request states that market participants have raised questions about whether certain event contracts should be classified as swaps, security-based swaps, mixed swaps, or instruments excluded from the statutory definition of swaps.
The agencies said public input would help evaluate whether additional rules or interpretations are necessary in light of technological developments, accumulated experience and evolving market practices.
Event contracts and emerging products
Among the issues raised in the request, the SEC and CFTC asked whether additional clarity is needed regarding the treatment of event contracts and the circumstances under which such products may qualify as swaps, security-based swaps or mixed swaps.
The agencies also requested feedback on whether further guidance is needed concerning the scope and application of the statutory provisions governing security-based swaps and mixed swaps.
In addition, the request asks whether greater clarity is needed regarding innovative products, including whether a cash-settled perpetual contract referencing an equity security could be treated as a security future and what effects the introduction of such products could have on liquidity formation, price discovery and hedging activity.
Alternative compliance approaches
The SEC and CFTC are also seeking comment on circumstances in which compliance with one agency’s regulatory framework could appropriately satisfy substantially similar requirements of the other.
The request asks market participants whether joint or coordinated approaches, including notice registration, tailored rules, deemed filings, trade reporting arrangements and other mechanisms, could facilitate alternative compliance while preserving effective oversight.
The agencies further requested input on how surveillance, examinations and enforcement should operate under such frameworks and how information sharing could support market integrity.
Why it matters
The request signals that the SEC and CFTC are considering whether existing definitions and jurisdictional boundaries established under Title VII of the Dodd-Frank Act remain appropriate as financial markets evolve.
The initiative also highlights increasing regulatory attention to innovative products, event contracts and alternative compliance frameworks, areas that could shape how future products that blur traditional distinctions between securities and derivatives are regulated.
