Transcription of Federal Register: De Minimis Exception to the Swap Dealer ...
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Federal Register: De Minimis Exception to the Swap Dealer ...
1 COMMODITY FUTURES TRADING COMMISSION 17 CFR Part 1 RIN 3038-AE68 De Minimis Exception to the Swap Dealer Definition AGENCY: Commodity Futures Trading Commission. ACTION: Notice of Proposed Rulemaking. SUMMARY: The Commodity Futures Trading Commission ( Commission or CFTC ) is proposing to amend the de Minimis Exception in paragraph (4) of the swap Dealer definition in of the Commission s regulations by: (1) setting the aggregate gross notional amount threshold for the de Minimis Exception at $8 billion in swap dealing activity entered into by a person over the preceding 12 months; (2) excepting from consideration when calculating the aggregate gross notional amount of a person s swap dealing activity for purposes of the de Minimis threshold: (a) swaps entered into with a customer by an insured depository institution in connection with originating a loan to that customer; (b) swaps entered into to hedge financial or physical positions; and (c) swaps resulting from multilateral portfolio compression exercises.
the swap market was limited, and that they expected more information to be available in the future (following the implementation of swap data reporting), which would enable the Commissions to make a more informed assessment of the proper level for the de minimis
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