Are swaps securities? Why is this important?
What will be an ideal response?
Judge Feikens found no support for the argument that the P&G-BT swaps were notes, investment contracts, evidence of indebtedness, instruments commonly known as a security, financial or capital transactions, or options on a security. He ruled that the P&G-BT swaps were not securities as defined by the State of Ohio's Blue Sky Laws or the U.S. Securities Acts of 1933 and 1934, and therefore the swaps were outside the jurisdiction of both the Securities and Exchange Commission and the Ohio State securities law. This decision weakened many of P&G charges because, if swaps are not securities, then the statutory basis on which P&G brought charges against BT was eliminated.
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Indicate whether the statement is true or false