<p><span>Thank you, Chair Gensler. The final rules under consideration are in regard to prohibitions against fraud, manipulation, or deception in connection with security-based swaps and also include a prohibition against undue influence over chief compliance officers. The Adopting Release proclaims that the final rule “is designed to prevent fraud, manipulation, and deception in connection with effecting any transaction in, or attempting to effect any transaction in, or purchasing or selling, or inducing or attempting to induce the purchase or sale of, any security-based swap.”</span><span> The Adopting Release further states that “[t]he rule takes into account the features fundamental to a security-based swap.”</span></p>